Contending Issues in the Niger Delta Crisis of Nigeria - Journal of ...

Contending Issues in the Niger Delta Crisis of Nigeria
Chapter IX:
The Politics and Policies of Oil Deregulation in
Nigeria: Implications and Policy Suggestions
By Olawale Olaopa, Ibikunle Ogundari, Mike Awoleye, and Willie
Siyabola
Introduction
According to Iromantu (1999), the economic depression of the
late 1930s with its deep and severe consequences coupled with the
revolution in the Union of Soviet Socialist Republic (USSR) led to a
situation where governments, that hitherto had no business in
running enterprises, dabbled into business. The first attempt in this
regard in Nigeria was the introduction of the Structural Adjustment
Programme in 1986 and later with the promulgation of the
Privatization and commercialization Decree No. 25 of 1988. The
Federal Government outlined the objectives to include improvement of
the efficiency and reliability of the operations of the companies,
reduction of their dependence on the national treasury for operations,
promotion of the share ownership by Nigeria citizens in productive
investment which hitherto were owned wholly or partially by the
Federal Government and lastly to broaden and deepen the Nigeria
capital market (Elumilade, n.d).
Nigeria is blessed with abundance of natural resources, most
especially hydrocarbons. It is the 10th largest oil producer in the
203