Nigerian economy has witnessed occasional hike in the pump price of fuel in the last three decades. This occasional increase has generated reaction from civil society especially trade unions and pressure groups in the form of outright rejection and criticism of government’s policy of increase in fuel pump price. Such posture has also led to occasional trade dispute and strike action aimed at forcing government to reduce pump price of fuels with its attendant consequences on the economy of Nigeria. Thus this paper examines the case of increase in fuel-pump-price related trade disputes with special focus on the January 2012 fuel subsidy removal experience. It therefore assesses the performance of these associations (trade unions and pressure groups); reviews the issue of deregulation; and considers the possibilities of breaches being redressed or avoided entirely
ASSESSMENT OF THE IMPLICATION OF FULL SCALE DEREGULATION OF THE DOWNSTREAM OIL SECTOR ON THE NIGERIAN ECONOMY: THE NEOLIBERALISM APPROACH (Published)
Neoliberalism has eviscerated governance in Nigeria to the point that the basic welfare of the people seems no longer the priority of the government but the fulfillment of the western neoliberal ideals such as deregulation of the entire Nigerian economy and the privatization of the government’s erstwhile owned enterprises. This trend however, has caught up with the Nigerian oil sector, leading to the clamour for full scale deregulation; a fall out of the partial deregulation embarked upon since 1st January, 2011, which arose out of the sorry state of the Nigerian petroleum industry. This article therefore, examines the implication of the downstream oil sector on the Nigerian economy. It discusses the implication of deregulation of the downstream oil sector of Nigerian on her economy by highlighting the main thesis of the proponents and that of the opponents of deregulation and fuel subsidy removal. A likert-type scale was used in designing the questionnaire for data collection administered to the three core Niger-Delta states (Delta, Rivers and Bayelsa) where 1177 respondents were randomly selected for opinion sampling. Descriptive and chi-square was used and result revealed that deregulation of the downstream oil sector is a good policy that was wrongly implemented hence the existing four refineries are left in their comatose state with promises of a total turn around mentainance. Explicitly, it is recommended that Nigeria should embark on deregulation of the sector but only after the existing refineries have been resuscitated through commercialization to ensure a fair and stable price of the product as well as its availability and stop importation of refined oil into the country.