(Bloomberg) -- Nigerian authorities plan to sell five electricity-generation companies in the first quarter to help fund next year’s budget, according to the nation’s privatization agency.

It’s looking to open bids for the assets this month and reach financial close by the end of March, Alex Okoh, director-general of the Bureau of Public Enterprises, said in an emailed response to questions on Thursday. 

Nigerian President Muhammadu Buhari in October presented a record budget of 20.5 trillion naira for 2023 to lawmakers, as he seeks to boost an economy that has languished since a recession that ended in 2020. The fiscal deficit is forecast at 10.78 trillion naira, or 4.8% of gross domestic product.

The power assets scheduled for sale include a 434-megawatt plant in Geregu, in the central Kogi State, a 562-megawatt facility in Calabar, Cross River State, and a 676-megawatt plant in Olorunsogo, southwest Nigeria.

Nigeria’s government is encouraging the private sector to invest in electricity to end shortages. In 2013, authorities sold about 15 state-owned companies to private owners to improve their efficiency. More than 40% of residents in the West African nation have no access to electricity, according to the World Bank.

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