26/07/2026
ADC BULLETIN NEWS☆☆☆
ATIKU ABUBAKAR DID NOT SELL NIGERIA—HE HELPED SAVE ITS ECONOMY
For years, political opponents have attempted to portray the privatisation programme implemented during the administration of President Olusegun Obasanjo and Vice President Atiku Abubakar as grand betrayal of Nigeria. The facts tell a different story as the ADC Bulletin went on a fact findings.
ADC Bulletin news gathered that, when the administration assumed office in 1999, Nigeria's public enterprise sector was on the verge of collapse. According to the Bureau of Public Enterprises (BPE), successive governments had invested over $100 billion in state-owned enterprises between 1973 and 1999. Yet, these companies generated less than 0.5 per cent annual returns while consuming approximately $3 billion yearly in subsidies. Out of about 590 public enterprises, only 160 were considered productive.
Rather than continue pouring taxpayers' money into failing institutions, the Federal Government introduced a bold reform agenda. Under the leadership of Vice President Atiku Abubakar as Chairman of the National Council on Privatisation, government opened the door for private investment, modern management and economic efficiency.
The results transformed key sectors of the Nigerian economy.
More than 100 federal enterprises were privatised between 1999 and 2007, while over 230 public enterprises eventually moved into private ownership. Government realised more than $5.3 billion from asset sales and significantly reduced the enormous burden of financing loss-making corporations.
The reforms also stimulated employment. According to BPE records, privatisation and liberalisation generated over one million direct and indirect jobs, creating new opportunities for millions of Nigerian families.
Perhaps the greatest success story was the telecommunications revolution. Nigeria moved from about 400,000 NITEL telephone lines to more than 220 million active GSM subscriptions, connecting citizens, creating businesses and opening an entirely new digital economy.
Strategic industries equally witnessed remarkable growth. Eleme Petrochemicals was revived under Indorama, becoming one of Africa's leading petrochemical and fertiliser complexes. NAFCON, later known as Notore, returned to production after years of inactivity, boosting Nigeria's agricultural sector.
The cement industry also experienced unprecedented expansion. National production rose from barely 2 million tonnes in 1999 to more than 40 million tonnes, making Nigeria one of Africa's largest cement producers and an exporter to neighbouring countries.
Banking reforms further strengthened the financial system. The 2005 banking consolidation increased minimum capital requirements from ₦2 billion to ₦25 billion, producing stronger banks capable of financing large-scale investments, supporting businesses and protecting depositors.
Nigeria's capital market equally benefited as companies such as Ashaka Cement, Oando, Conoil and African Petroleum improved their performance under private ownership, rewarding investors and strengthening confidence in the economy.
These reforms were not about selling Nigeria. They were about rescuing an economy weighed down by decades of inefficiency, corruption and waste. They redirected scarce public resources towards governance while encouraging private investment, innovation and productivity.
No reform programme is without controversy, and reasonable people may disagree on aspects of implementation. However, history will record that the economic reforms championed during the Obasanjo–Atiku administration fundamentally reshaped Nigeria's telecommunications, banking, manufacturing and industrial sectors.
ADC believes that Nigeria once again needs bold leadership, sound economic management and courageous reforms that prioritise productivity, job creation, investment and prosperity for all Nigerians.
This report is a fact finding report of Alhaji Atiku Abubakar tenure as Vice President of Nigeria by the ADC Bulletin News.