The model of operating the refinery through public ownership and management should be revisited. These refineries should be operated in partnership with private investors, who should ideally be the operating partners.What would be your advice to the Federal Government on deregulation of the nation’s downstream sector?
Reliance on importation, the introduction of 7.5 per cent Value Added Tax , devaluation of Naira, as well as scarcity of dollar inflow have been adduced as major reasons responsible for the surge in the prices of Liquefied Petroleum Gas also known as cooking gas. Technology is the new oil boom, therefore, the importance of investing in technology cannot be overemphasized. Technology will make governance flexible. Through the e-governance system, the way government is managed, and the way government interacts with its citizens will greatly improve democracy.
The implication for the drop in rig count is that the nation’s current 37-billion-barrel reserves might be depleted much faster than expected, if the nation does not invest much in the exploration required to make new finds and increase its proven petroleum reserves. Furthermore, it also means that other emerging African oil nations could overtake Nigeria, especially in terms of reserves, and production capacity in the nearest future.
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