The Nigerian government should start selling off its stakes in oil joint ventures with foreign partners to ease the funding issues and leakage of cash due to corruption and waste which have impeded the country’s bid to increase production, oil industry auditors said Monday. The government through state oil firm Nigerian National Petroleum Corp. holds an average 57% interest in joint ventures with Shell, ExxonMobil, Chevron, Total and Eni, which account for about 90% of Nigeria’s 2 million b/d oil output. “This divestment will open the arrangement for private sector participation,” auditor the Nigerian Extractive Industry Transparency Initiative (NEITI) said. “Above all, it will reduce the corrupt practices, waste and other leakages associated with the management of the JVs over the years,” the agency said, adding that the recommendation, following a review of the industry by stakeholders, aimed to assist the reform program of the new government. Article continues […]