DEREGULATION OF THE OIL SECTOR IN NIGERIA: ISSUES AND PROSPECTS
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Pages: 75-90
Questionnaire: Yes
Chapters: 1 to 5
Reference and Abstract: Yes |
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ABSTRACT
The terrible performance of Nigeria’s downstream oil sector has jeopardised the country’s socioeconomic prosperity. As a result, the government implemented many changes aimed at increasing private sector participation and productivity. The study investigated the relationship between deregulation of the oil sector in Nigeria: challenges and opportunities. Using the elite theory as a framework of analysis, the secondary method of data collection, and the qualitative-descriptive method of data analysis as methodology, the study examined the corrupt practices that have plagued Nigeria’s downstream oil sector, concluding that deregulation of the downstream oil sector has not improved economic development. Among other things, the study recommended that the government urgently repair the country’s incapacitated refineries for optimal production; that all legislative bottlenecks preventing the quick passage of the petroleum industry bill be addressed so that the much-discussed policy of deregulation can become a reality.
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