What is happening in nigeria about the oil subcidy?
Recently government revealed its intention regarding the removal of fuel subsidy, [ a programme that has occupied national discourse in the last 19 years.
Indications are that for a country with a reserve portfolio in excess of 36 billion barrels of oil and daily output capacity put at about 3 million barrels per day, a deregulated environment would engender an environment conducive for investments to thrive. Refineries would start springing up across the country, jobs would be created and the country would become a petroleum-products refining and petrochemicals hub, at least in the West
Africa sub-region.
Granted, prices of petroleum products would increase in the short run, in the medium to long term, investments in development of infrastructure would go up owing to the large volume of human and vehicular traffic, jobs would be created, technology would be domiciled and under such circumstances, the gross domestic product, GDP of the country can only go up.
But, Nigerians say removal of fuel subsidy will only aggravate poverty, increase hardship and above all, increase the level of joblessness in the country.
Those who spoke to Saturday Vanguard suggested that government should focus on other resources that have been abandoned for long and invest in them to make the country better for everybody. ]
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jher000|Points 5904|
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Asked 10/23/2011 4:43:29 AM
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