Privatization still on the move!

The Nigerian oil giant is to be privatized. (AFP). After being a tool in the hands of corrupt bureaucrats and incompetent managers, the country's main oil company is to be restructured, split in five and privatized.

Wrestling such an enormous centre of power away from the hands of politicians is definitely a key toward decreasing corruption in the only country whose credit cards are not an accepted form of payment by the Education Testing Service (SAT, GRE, GMAT, etc) and whose business reputation earned it an IgNobel. In the wake of a landslide victory, the current President seems to have a few good things in nmind to put his country back on the track of economic progress that brings genuine development. Furthermore, the current oil price boom may create a nation of small shareholders with profitable stakes in one of the five companies.

This process is to be watched closely. If the usual habits prevail the privatization will be a sham and the companies will be swallowed back into the bureaucrats' influence area. If, instead, Nigerians actively engage in this sample of popular capitalism they have well deserved they'll ask for more. Nigeria could become another success story. Makes me pray for high oil prices this time round.