Today
Nigeria still holds large coal reserves, estimated to be at least 2 billion metric tons. The discovery of bituminous coal suitable for use in coke production for the iron and steel industries opens up potential new domestic markets. With the loss of its largest domestic consumers, the NCC began exporting coal to Italy and the United Kingdom, as its low sulfur content is desirable.
In 1999, the NCC lost its monopoly over the Nigerian coal industry as the Obasanjo government allowed private companies to begin operating coal fields in joint ventures with the NCC, with an eventual goal of completely selling off the NCC's assets to private investors. The Nigerian government planned to sell 40% to private investors and 20% to the Nigerian public, while retaining 40%.
In 2002, work stopped at NCC-operated mines. In 2003, the Nigerian government announced plans to create a technical advisory committee that would be tasked with reviving Nigeria's coal industry.
By 2004, the technical committee had still not issued their report, and the NCC found itself almost bankrupt. To raise funds, it began to sell off some of its assets in an attempt to pay off its mounting debt, including salary that was owed to its employees. Additionally, the Enugu State Government protested the planned NCC privatization and demanded the ability to consult with the Federal Government on any planned sale.
While references are made in the news media to a possible sale of the NCC, the Nigerian Bureau of Public Enterprises, the government body tasked with selling public corporations, still lists the NCC as an asset for sale on their website as of April 2008, and no news reports to date provide any information about the supposed sale.
Read more about this topic: Nigerian Coal Corporation
Famous quotes containing the word today:
“What
Reply can the vast flowering strike from us,
Unless it be the one
You make today in London: to be married?”
—Philip Larkin (1922–1986)
“In 1600 the specialization of games and pastimes did not extend beyond infancy; after the age of three or four it decreased and disappeared. From then on the child played the same games as the adult, either with other children or with adults. . . . Conversely, adults used to play games which today only children play.”
—Philippe Ariés (20th century)
“We have today and I could call their name
Who know exactly what is out of joint
To make their verse and their excuses lame.
They’ve tried to grasp with too much social fact
Too large a situation.”
—Robert Frost (1874–1963)