Nigeria is planning to reduce its stakes to 40% in its joint ventures with several multinational oil companies in 2019, Reuters reported March 20, citing Budget Minister Udoma Udo Udoma.

State-owned Nigerian National Petroleum Corp. holds a 55% stake in a joint venture with Royal Dutch Shell PLC and 60% stakes in other ventures with Chevron Corp. and Exxon Mobil Corp. The move is expected to raise $2.32 billion for the African country.

The reduction in ownership, which has been considered for more than a decade, aims to boost revenue for an economy recovering from a recession that began in 2016. The decision was hastened by the low oil price environment, Reuters said.