Abacha's Nigerian budget

The Nigerian military ruler, General Sani Abacha, has announced plans for the privatisation of three key state industries -- a move long demanded by international lending institutions and local businesses.

The industries are electricity supply, telecommunications and oil refining.

Details were announced in General Abacha's budget speech, which was broadcast nationally.

He said the government intended to modernise and internationalise the Nigerian capital market.

He also announced plans to open a new stock exchange in the federal capital, Abuja, to work alongside the existing one in the commercial capital, Lagos.

From the newsroom of the BBC World Service