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: Former NNPC boss laments indecision 25 years after

    Deregulation: Former NNPC boss laments indecision 25 years after

    April 24, 2018
    Share
    Facebook Twitter LinkedIn WhatsApp
    *Funsho Kupolokun.

    Ike Amos

    24 April 2018, Sweetcrude, Lagos — Former Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Engineer Funsho Kupolokun, Monday, lamented, that 25 years after the deregulation of the downstream sector of the petroleum industry was first muted, the country was yet to make a concrete decision in that regard.

    Speaking at the 11th Annual International Conference of the Nigerian Association for Energy Economics, NAEE in Abuja, Kupolokun disclosed that unless the country undertake a deregulation of the sector, it would continue to grapple with the problems that had consistently bedeviled the industry.

    He said, “We have been talking about deregulation since 1993. It went up and down with fuel price moving up and down.

    The resultant effect is that if we have continued moving gradually that way, we would have finished the liberalization of the downstream sector. But we reversed ourselves and today, we are in a scenario where we are still talking about deregulation. How many years, some 25 solid years we have been talking of deregulating the downstream sector, yet, it is still undone.

    “I just hope we do it and do it rapidly, because unless and until it is done, we would continue to have the problems that we are having in the downstream petroleum sector.”

    He further emphasized the need to ensure that Nigeria shift from rent-seeking to value creation, stating that it is very critical to the diversification of the Nigerian economy.

    He said, “We have to move from where we are now, which is rent-seeking, and think of how we can begin to create value. Unless and until we do that, I am not sure we are getting it right.”

    He also noted that issues surrounding transparency should be address in the petroleum industry, while he condemned lip service paid to the issue.

    “Everybody is talking about transparency in the petroleum industry. Everybody is talking about it, what is happening is that we are still not doing it. We keep talking about it. In 1999 when I came back into the government system, it was a key issue; a number of bodies were set up by the government; yet today, we are still talking about it,” he lamented.

    Related News

    Troops uncover 15km oil theft pipeline in Rivers state

    Nigeria moves to dominate Africa’s trade, inaugurates MSME committee

    NIMASA sets 8-year repayment, presents guidelines, plans amid interest rate concerns

    E-book
    Resilience Exhibition

    Latest News

    InterContinental Energy’s P2(H2) Node™ system cuts green hydrogen costs

    May 12, 2025

    Rivers women demand urgent action against sea piracy

    May 12, 2025

    Troops uncover 15km oil theft pipeline in Rivers state

    May 12, 2025

    ‘Africa must control clean energy future, not just supply raw minerals’

    May 12, 2025

    Nigeria moves to dominate Africa’s trade, inaugurates MSME committee

    May 12, 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.