‘Govt inhibiting downstream oil sector’s growth’

The Federal Government should be blamed for the poor performance of the downstream sub-sector of the oil and gas industry, former Executive Secretary, Petroleum Product Pricing Regulatory Agency (PPPRA), Mr Reginald Stanley, has said.

He said the actions of successive governments showed that they were not ready to formulate policies to accelerate the growth of the sector.

He said the Federal Government did more damage to the sector by not totally deregulating it.

Stanley said the decision of the government to hold on to the regulation of the sub-sector was killing initiatives, adding that it has stalled the development and implementation of ideas that would drive activities in the sector.

Stanley, who spoke during a stakeholder’s forum in Lagos, said it is either the government improve the growth of the sub-sector by deregulating it, or allow it to suffer more problems.

He said: “Angola, Ghana, India and other countries have deregulated the downstream segment of the petroleum industry, and they are better for it.

“Nigeria cannot be an exception if it really wants to move the capacity utilisation in the downstream above its current capacity of 25 per cent. “

Source: The Nation Nigeria

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