Rebuild Nigeria International hails the Atiku proposal on oil and gas sector privatisation

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By Segun Bambo Ojomo

Rebuild Nigeria International (RNI) has thrown its weight behind the proposal by former Vice-President Atiku Abubakar on the restructuring of Nigeria’s oil and gas sector by result-oriented and stepwise privatisation of some aspects of the ailing sector to engender its vibrancy and enable it to stand solid as Nigeria’s major energy provision source.

In a statement issued by the organisation’s Vice- President, Otunba Wale Fasan, the group said the idea of restructuring cannot be fully appreciated without a reorder and revitalisation of the country’s oil sector which had been epileptic owing to the monopoly of activities by the major parastatal in charge at the sectoral level, the NNPC.

” There is no doubt that the NNPC has failed in its duties to ensure good product availability over the years, which has majorly been caused by the failure to privatise parts of its functions. In modern day oil and gas sectors of major producing countries the world over, privatisation has led to improved supply, availability and increased participation of various stakeholders to encouraged even competitive finished products’ pricing”,

“Any government in power or intending to clinch leadership should know that its greatest responsibility as it concerns the nation’s oil sector at the moment is ‘stepwise and result-oriented privatisation’ of its sectoral activities to give room for infrastructural development, competitive marketing and distribution to ensure its availability at the cheapest rates all year round”, the statement read.

The  RNI recalled the successes recorded in the hitherto ailing telecommunications subsector shown by the GSM revolution and the recapitalisation of the nation’s commercial banks which had led to improved activities for economic revival and gains, and called on the nation’s economic recovery agents to, as a matter of urgency, resume the Atiku model of economic regeneration as a major helpline for the ailing oil and gas sector.

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