Oil & Gas
AN economist, Mr Bayo Adeleke, has urged the President Muhammadu Buhari led government to totally deregulate the downstream petroleum sector to unlock its potential.
Adeleke, a former Secretary, Independent Shareholders Association of Nigeria, made the call in an interview with the News Agency of Nigeria (NAN) in Lagos.
He advised the Federal Government to commence the processes for total deregulation of the sector in order to re-position it for economic stability and growth.
“This government should focus more on the deregulation of the petroleum sector, especially now in the (Buhari’s) final term.
“The deregulation of the sector will lure varying investors into the sector and also create employment opportunities.
“Reforming the sector during this administration of Buhari will end up becoming a legacy project,’’he said.
He noted that such policy on total deregulation of the sector would elicit some social mobilization in the economy.
“Over the years, deregulating the petroleum sector often caused protest, but could be prevented with palliative economic measures in place.
“The government cannot continue to regulate the price of refined petroleum products at the expense of its untold impact of the economy,’’ he said.
He said that total deregulation of the petroleum sector would lead to more affordable price in the future.
“More competition will be expected because the forces of demand and supply will naturally drive down prices.
“The number of firms participating in the sector will increase, considering the prospects of the Nigerian market,’’ he said. (NAN)
– Sept. 3, 2019 @ 14:15 GMT |
Tags: Expert advises FG on deregulation of petroleum sector
