Udoji Chioma
Stories (1/0)
Deregulation of the Petroleum Downstream Sector in Nigeria
DEREGULATION OF THE PETROLEUM SECTOR IN NIGERIA INTRODUCTION 1. Industrialization and trade have being considered to be the basis of growth and development of every nation. Historically, the idea of privatization, commercialization and deregulation of public owned enterprises were first put to practice during the time of the Han Dynasty in China. In this era, the Mining Dynasty of China handover manufacturing industries to private individuals in the society to managed. Deregulation policy has globally been embraced by several countries in order to lessen public sector dominance for developing a liberalized market while ensuring adequate supply of products. This is applicable to Peru, Argentina, Pakistan, Philippines, Thailand, Mexico, Canada, Venezuela and United State of America and South Africa. All of which have systematically dismantled their state owned oil companies through deregulation. The Subsidy of petroleum products in Nigeria had its origin when the Federal Government in the late 1980 took the decision to reduce the effects of the structural adjustment programme. This initiated the deregulation of monetary system thereby decreasing the buying power some ordinary Nigerians.
By Udoji Chioma12 months ago in Education