Is privatizing the Nigerian oil sector going to help its economy? || 10% to steem4nigeria

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INTRODUCTION

I believe that every country should be able to exploit and reasonable use their natural resources to benefit its people. Nigeria has shown backward progress when it comes to managing resources and bringing out reasonable profits.
The Nigerian National Petroleum Company made it earlier known that itll be supplying Aliko Dangote's refinery 300,000 of pure crude for a period of 20years.
This has sparked a lot of controversies regarding the North and South saga of controlling power and the nation at large. While it has sparked controversies other questions remains unanswered. Does it mean that the nation cannot properly run and manage oil refineries? .

NIGERIA AND THE CRUDE OIL SAGA

Nigeria amongst all nations in Africa has been blessed with abundance of crude oil, a natural resource found on and off shore. That is to say it has been found on land and in the Nigerian waters.
After the discovery of crude oil the country was very rich. And at that time it was there that the value of nigerian currency, Naira equalled the dollar as 1:1. But as of today it is depreciating.
The economy of Nigeria is in shambles yet it blessed with natural resources. This is a very bad report coming from a country with numerous rich resources. Yet corruption and mismanagement has caused the country to be in state of recession for long.

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SHOULD CRUDE OIL BE PRIVATIZED?

Crude oil is a natural resource and so should be properly managed by a country. If theres any investor who wants to build a refinery for himself, he should do so and buy the crude oil from the country as usual, refine it and sell it to the public at a reasonable price. I see no reason sort of why a country as big as Nigeria cannot afford to rebuild and properly manage their refineries for an effective market labour.
Privatizing crude oil in Nigeria is necessary and at such the Nigerian National Petroleum corporation should try to find private investors from not only one tribe of the country but rather from different tribes and educate them on the profits in investing in the crude sector of the economy. We know that privatizing oil economy is very efficient and it has the following functions;

• Increases flexibility;

close monitoring by government officials in a public sector is not always attainable. So privatizing will be effective and labour effective.

• Improve maintenance:

Privatizing the oil sector will cut down unnecceasry expenditure on maintenance. It was noted that

a nigerian oil refinery consumed certain billions of naira within 13 months without refining any oil.

• Improving economy value and reducing corruption:

Improving the economy value and reducing the rate of corruption. Corruption is reduced to its barest minimum in a private sector compared to a government without discipline.

In general, a privatized economy stands a great chance to be flourishing compared to an economy filled with corrupt leaders and incompetent workers.