Deregulation and Privatisation of the Upstream and Downstream Oil and Gas Industry in Nigeria: Curse or Blessing?

Abstract

The purpose of this study is to examine the perception of Nigerians on the deregulation and privatisation moves of the government in the oil and gas industry in Nigeria. The oil and gas industry is strategic to national development and growth in Nigeria. Oil and gas constitute about 90% of Nigeria’s foreign exchange earnings and 83% of its GDP. This study adopted the survey research design. It was found that the deregulation and privatisation of the oil and gas industry will usher in sustainable national development and will be a blessing rather than a curse for the citizenry. 77.8% of the respondents believe that the deregulation and privatisation of the oil and gas industry will be a blessing to Nigerians and 80.6% of the respondents do not believe that the deregulation and privatisation of the oil and gas industry will be a curse to Nigerians. The authors recommend that strategic sectors such as oil and gas as well as the power sector should be deregulated and privatised for sustainable national development.