Ouagadougou: The government of Burkina Faso announced the nationalization of Societe nouvelle-CITEC (SN-CITEC), a company that had been privatized since 1995. This decision comes in the wake of the majority shareholder's intention to withdraw from the capital and sell its 53% stake.

According to Burkina Information Agency, the Council of Ministers declared the adoption of two decrees: one for the nationalization of SN-CITEC and another for the approval of its specific statutes. Minister of Industry Serge Gnaniodem Poda elaborated on the government's decision, stating that it aligns with the country's industrial sovereignty goals, as advocated by President Comrade Captain Ibrahim Traore.

The Minister highlighted that the government had initially approached the majority shareholder to negotiate the purchase of its shares. However, when the discussions reached an impasse, the government opted for nationalization. SN-CITEC, which plays a crucial role in Burkina Faso's economy, is the country's leading oilseed company. It is renowned for producing edible oil, cottonseed meal, and cottonseed-based animal feed, in addition to household soap.

The processing of cottonseed, a crop grown by millions of farmers in Burkina Faso, significantly contributes to the national economy. The nationalization of SN-CITEC is seen as a strategic move by the government to reinforce its industrial capabilities and enhance economic value.