Privatization and Commercialization of Nigerian National Petroleum Corporation Oil Refineries in Nigeria

Taiwo A. Gbenga, Ademuyiwa A. Mukaila, Adedokun O. Micheal, Sojobi Olayiwola A.

Abstract: Nigeria economy relies solely on Petroleum products. Oil revenue accounts for more than seventy percent (70 %) of the total Federal collected revenue. Every sector of the economy relies mostly on power to survive and the main source of power today remains the petroleum industry. The sluggish performances of the economy in the last two decades have been attributed to the problems in Nigerian oil industries. Observers see government involvement in the industry as the major cause of the problem. Government has equally realized the need to move the economy forward, which can only be achieved by her willingness to do away with the monster called Petrol chemical industry. This paper explains the meaning of privatization and commercialization policy of government, Nigerian refineries nature, critical issues on privatization by the use of primary and secondary data (structured questionnaire), existing literature and recommendations are based on gathered opinion of Nigerians.

Keywords: Nigerian economy, petroleum products, privatization and commercialization