The 2023 presidential candidate of the Social Democratic Party (SDP), Prince Adewole Adebayo, has criticised Nigeria’s former leaders for selling vital public enterprises, saying their actions have caused the country’s deep infrastructure problems.
Adebayo stated that the sale of public assets between 1999 and the present day has weakened the nation’s economy and hindered development. According to him, the idea of privatising government-owned enterprises was a mistake that deprived Nigeria of strong public institutions and long-term infrastructure growth.
He specifically faulted the administration of former President Olusegun Obasanjo for selling key national assets such as the National Electric Power Authority (NEPA), Nigeria Telecommunications Limited (NITEL), the National Insurance Corporation of Nigeria (NICON), and the Nigerian Hotels Limited, among others.
Adebayo explained that the government should have privatised the sector, not the enterprises themselves. He said the decision to sell public corporations led to widespread infrastructure decay, unemployment, and a lack of opportunities for technical training.
“In the past, when you finished school, you could join NEPA, and they would train you. Many of the great engineers we have in Nigeria today were trained there,” he said. “Now, those opportunities are gone. Even simple construction jobs that public works departments used to handle are now given to private contractors. I have more equipment in my house than the entire works ministry in Akure, Ondo State. So what have we gained from privatisation?”
He also pointed out that despite the sale of NITEL, the country continues to face telecommunications issues because most network providers still depend on NITEL’s old exchange system. “Most carriers are still relying on the NITEL exchange. The private sector is not making the kind of backbone investments needed to expand broadband across the country,” Adebayo added.
On the power sector, Adebayo questioned why the government handed over electricity companies to operators without the required capacity to manage them efficiently. He said consumers are now forced to buy their own transformers and handle repairs that the government used to manage.
According to him, privatising public enterprises was a wrong approach. “What you privatise is the industry or the sector, not the enterprises themselves. The right thing is to open up the sector for fair participation,” he stressed.
Adebayo said the SDP has a better plan that focuses on rebuilding the public system and empowering capable Nigerians to manage and expand national industries. “The idea is to raise a new generation of Nigerians who will manage these enterprises and grow industries out of them,” he added.