What are the problems actually facing the downstream sector of Nigeria oil industry at the moment?
After decades of control and regulation policy in the procurement, marketing and sales of petroleum products in Nigeria, the Federal Government plans to take the bold step of fully deregulating the downstream of the petroleum industry in Nigeria and opening it up to market forces and completion. The step is however being challenged by organized labour and has become an issue of the moment. I want to say that with the realities of global economic meltdown, the crash in commodity prices including crude oil and resultant reduced revenues accruing to Nigeria since then, full deregulation will free up a lot of funds (more than N680 biWhat prospects does a deregulated regime hold?llion in 2008 and may hit a trillion naira in 2009) otherwise used as fuel subsidy for the development of the country and the industry. As we lose our position to Angola as Africa’s largest producer of crude oil, we now import most of our refined petroleum products as our refineries are not working. We know that lic
