What Will Government Do With Proceeds From A Deregulated Petroleum Industry?

November 24, 2014 // 0 Comments

It is the intention of Government to channel money to be realised from deregulated downstream sector into the provision of infrastructure like potable water, construction of schools and colleges. Government also intends to spend the money it to boost agriculture and invigorate the power sector and undertake comprehensive road maintenance nationwide. There will also be focus on economic empowerment of the people and providing social safety net for the [...]

Why Isn’t Government Not Building or Licensing The Private Sector To Operate Refineries?

November 24, 2014 // 0 Comments

The Federal Government had always realised the importance of private initiatives in the refining of crude oil in the country. This was the case in the beginning before government took over the function. Already, 18 companies have been given licenses to establish and operate private refineries, indicating government’s commitment to ensure adequate refining capacity. However, the nation in the interim has to rely on importation because it will take some time before the processes of [...]

Why Does the Government Want to Deregulate?

November 23, 2014 // 0 Comments

The Federal Government wants to deregulate the downstream sector, of Nigerian oil industry in order to: Ensure that petroleum products are made available to the consumers in an uninterrupted manner; Eradicate waste and corruption which are consequences of tightly regulated economy; Ensure that the supply and distribution of petroleum products are orderly and consumer-friendly; Channel money realized from the exercise to development projects that will be beneficial to the majority of the [...]