Close Menu
    Facebook X (Twitter) Instagram
    Facebook X (Twitter) Instagram
    SweetCrudeReportsSweetCrudeReports
    Subscribe
    • Home
    • Oil
    • Gas
    • Power
    • Solid Minerals
    • Labour
    • Financing
    • Freight
    • Community Development
    • E-Editions
    SweetCrudeReportsSweetCrudeReports
    Home » Deregulation, BPE and the PIB

    Deregulation, BPE and the PIB

    November 30, 2012
    Share
    Facebook Twitter LinkedIn WhatsApp

    Okachikwu Dibia

    30 November 2012, Vanguard Newspaper, Lagos – TWENTY three years after Nigeria’s independence was an era that witnessed huge capital investments by the Federal Government to lay the foundation for a strong and vibrant economy.

    Such investments were in all aspects of the economy: oil and gas ( including refineries and depots and petro-chemical plants), mines and steel, infrastructure, especially inter-regional roads, electricity and telecommunication, vehicle plants, building and development of seaports and airways, building of financial institutions, post offices, textile factories, river basin development authorities, etc.

    These investments were estimated to be over N5 trillion. Almost at about that time, it was discovered that most of these investments were going down the drain largely due to poor management.

    Thus, the enterprises were not able to provide the economic and social services for which they were established. The accumulated result was that the Nigerian economy became comatose and so sick it needed a surgeon’s attention immediately.

    So, the Federal Government of Alhaji Shehu Shagari consulted the World Bank and the IMF who, as usual to the economic challenges of Third World countries, recommended austerity measures which included deregulation and devaluation of the naira. Devaluation was devastating because it led to very high rising of the prices of goods and services, just like the Udoji era in 1975.

    Inflation due to Shagari’s austerity measures was well captured by Jimmy Conter, the Eze Agala 1 of Ikwerre in his song titled “Austerity Measure”. According to Jimmy, before the austerity measures, a cup of garri used to sell for 20 kobo in Port Harcourt, but had to rise to one naira due to Shagari’s austerity measures.

    Such unprecedented 400 per cent rise in the price of garri and indeed other goods had continued since then.

    After Shagari, came the Buhari government which threw the issue of IMF-World Bank’s recommendation open to Nigerians for debate. At the end of the debate, most Nigerians rejected the IMF-World Bank prescriptions and so the government refused to buy the drugs.

    When Babangida came as leader of the government, he welcomed the prescriptions and bought the drugs. The prescription was re-christened Structural Adjustment Programme, SAP, who

    Related News

    MAJI urges FG to ban single-use plastics, attract green investment

    Renewables to account for half of Brazil’s annual power output in 2035

    Otedola plans investment expansion in power, banking sectors

    <span class="dsq-postid" data-dsqidentifier="192855 https://sweetcrudereports.com/?p=192855">1 Comment

    1. Sweetcrude Reports via Facebook on November 30, 2012 5:12 pm

      Interesting piece!

    E-book
    Resilience Exhibition

    Latest News

    US oil/gas rig count falls for 6th week to 2021 lows – Baker Hughes

    June 8, 2025

    Demand for US light sweet crude drops as OPEC+ ramps up output

    June 8, 2025

    ‘Ebonyi communities face pollution, abuse from Chinese mining firms’

    June 8, 2025

    Nigeria loses N710bn to gas flaring in four months

    June 8, 2025

    NNPCL cuts workforce by 197 employees in one year

    June 8, 2025
    Demo
    Facebook X (Twitter) Instagram
    • Opec Daily Basket
    • Oil
    • Power
    • Gas
    • Freight
    • Financing
    • Labour
    • Technology
    • Solid Mineral
    • Conferences/Seminars
    • Community Development
    • Nigerian Content Initiative
    • Niger-Delta Question
    • Insurance
    • Other News
    • Focus
    • Feedback
    • Hanging Out With Markson

    Subscribe for Updates

    Get the latest energy news from Sweetcrudereports.

    Please wait...
    Please enter all required fields Click to hide
    Correct invalid entries Click to hide
    © 2025 Sweetcrudereports.
    • About Us
    • Advertise with us
    • Privacy Policy

    Type above and press Enter to search. Press Esc to cancel.