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AN APPRAISAL OF THE DEREGULATION OF THE DOWNSTREAM OIL SECTOR AS A PANACEA TO ECONOMIC RECOVERY IN NIGERIA

ABSTRACT

This study examined the deregulation of the downstream oil sector in Nigeria as a panacea to economic recovery of the country (An Analysis of 2010-2015 Economic Programme of Nigeria). In this study the researcher has find out some of the problems that are facing the deregulation of the downstream oil sector in Nigeria, these problems are continuous increase in petroleum price, scarcity of petroleum product . all these are the major problems that are facing the deregulation of the downstream oil sector which government have to help solving this problems by making fuel available and controlling the price. Also the researcher has find out some of the objective which will also help in the deregulation of the downstream oil sector which includes , investigating the effect or the deregulation of the downstream oil sector on the living standards of the people, also to examine the pre and unrealistic deregulation era and make critical comprise. And to explore the reason why partial deregulation has not yielded the desired result in terms of prices and supply. Data collection was also used in the research work, data collection is an important aspect of any type of research study. The method of data used for this study was primary and secondary sources. The researcher administered a total of 80 copies questionnaires to both in rural areas, from the data the following finding were apparent that a tremendous impact was made by downstream oil sector in Nigeria oil industries. Finally the findings and conclusion in the research work were also discussed, showing that without proper management, control and investment the revenue generated from deregulation of the downstream oil sector will be embossed by corrupt government officials. If government decide to force down the deregulation policy as currently conceived, it will greatly erode the ability of the people to cope with further price increases on petroleum products. Businesses would be further impaired to operate under a regime of higher energy cost, while ease of doing business indicators remains generally negative in the country

TABLE OF CONTENTS

CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the study

1.2 Statement of the problem

1.3 Objectives of the study

1.4 Research Questions

1.5 Research Hypothesis

1.6 Significance of the Study

1.7 Scope and Limitations of the study

1.8 Organization of the Study

Reference

CHAPTER TWO

2.0 Literature Review

2.1 Conceptual Clarification

2.2 Rational Behind Govt. Plant of Deregulation

2.3 The Relevance of the Deregulation

2.4 Obstacles and Trend of Deregulation of the Downstream

2.5 Potential Benefits of Deregulation of the Downstream

2.6 Effect of Deregulation of the Downstream oil Sector

2.7 The Impact of Deregulation of the Downstream

2.8 The Roleand Economic Implication of the Deregulation

2.9 Government Strategy for Deregulating the Downstream

2.10 Success Story of Deregulation in Other Sectors

References

CHAPTER THREE

3.0 Research Design and Methodology

3.1 Research Design

3.2 Area of Study

3.3 Population of the Study

3.4 Sample and Sampling Techniques

3.5 Instrument for Data Collection

 3.6 Validity of Instrument

3.7 Method of Data Collection

3.8 Data Analysis

3.9 Expected Result

Reference

CHAPTER FOUR

4.1 Presentation Analysis of Data

4.2 Testing of Hypothesis

4.3 Discussion of Findings

References

CHAPTER FIVE

5.0 Summary and Recommendations and Conclusion

5.1 Summary of Findings

5.2 Recommendation

5.3 Conclusions

Bibliography

Appendix

CHAPTER ONE

1.0 INTRODUCTION

1.1 Background of the Study

Historically, major petroleum marketing companies were the main sources of petroleum product’s supply. The companies transported and distributed the products relying on their distribution and retail outlets. This was an era of Pre- regulation in which Nigerian paid market-determined prices for products. However, this arrangement was not sustainable given that it was dependent on the profit and market imperatives of the oil marketers. The country’s economic activities expanded in the seventies such that private companies could no longer cope with increase demand for products. This resulted in erratic supply of petrol and kerosene and ultimately acute scarcity of the product. The shortage was endemic and created social and economic dislocation in the country. This market failure made government to venture into petroleum products marketing and distribution.

The concern by government to overcome this lack of product and total dependency on oil companies led to policy shift towards regulations. Government therefore introduced uniform pricing to satisfy domestic demand, strengthen self-reliance and avoid a situation in which the oil companies could hold the country to ransom. The nation witnessed adequate supply of petroleum products up till 2000. Thereafter, due to the sustained devaluation of the Naira on account of the implementation of the Structural Adjustment Programme (SAP) coupled with the non-maintenance of the refineries, domestic production was soon undermined making it imperative for demand to be met through imports.

The shortages of petroleum products escalated in spite of increases in prices of products since 1999. The Olusegun Obasanjo administration on coming on board decided to gradually withdraw the subsidy on petroleum products to allow the mechanics of market forces to take its full course. This again, resulted to frequency increase in petroleum products prices.

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