Market Liberalization

In: Business and Management

Submitted By isaacogbuka
Words 2969
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Nigeria once flush with oil boom revenues, is now a country of unfinished petrol station construction sites, ghost refinery depots, abandoned petrol stations, an unintended monuments to unrealized expectations. It is therefore not a surprise that in such an environment the appetites for risk should naturally abate often such catastrophic losses and situation.

A careful study of Nigeria’s economic… reveals that…
Economic policies in Nigeria have in the last two decades reflected a drive for accelerated economic development through economic and financial liberalizations. The outcomes have been largely disappointing, even in the honest estimates of their designers. Both urban and rural livelihood has become more insecure, and the expected economic development and growth has rarely materialized. Social and political insecurity are etched into the growth pattern. Ironically, the same liberalization policy that has been so deeply adverse to many sectors of the economy, somehow provided new opportunities to some individuals and groups that have the absorptive capacity to embrace, absorb and integrate both the policy and transfer of technology that it brought into their operation (especially retail and marketing segments of the downstream sector of the oil industry). In fact, there has been proliferation of retail outlets constructed both by individuals and groups. Government is not left out in this regard as it has come up with 36 mega filling stations spread in all the 36 state capitals of the federation in line…...

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