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FG’s decision to liberalize downstream sector was smart – Ex-Venezuelan Minister

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Tiamiyu Saheed Oluwatosin
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calendar-icon Posted on: 2020-05-19 07:12:25
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Ex-Venezuelan Minister of Mines and Energy Dr. Alirio Parra, has said that it was a smart decision from the Federal Government of Nigeria to open up the downstream sector of the oil and gas industry for private investors.

Parra made the statement in Abuja during a forum at the weekend, maintaining that the liberalization of the downstream sector in the country is a bold testament to the fact that oil is a market-driven commodity.

Group General Manager, Group Public Affairs Division of Nigerian National Petroleum Corporation, NNPC, Garba Deen Muhammad, quoted Parra in a statement as saying, “One really important change in the oil and gas industry in Nigeria is the decision by the Federal Government to open the domestic market for competition.

“I am not necessarily talking about the elimination of subsidy, but opening the market, is a statement that oil is market driven and that with time, it is going to be to the benefit of Nigeria, and to all Nigerian People.”

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Parra noted that liberalizing the market will encourage more players to bring in petrol which would in turn bring about competition in the price of the commodity.

He added, “Soon people will start to rush out to bring in oil thinking they are going to make a huge profit but as more oil comes into the market, things would start to stabilize and slowly it would find its own level at a price no one can forecast but surely it would be a competitive price.

“I think this is a historic decision and it is one of the smartest that Nigeria has taken in recent years.”

It is expected that soon, the liberalisation of the downstream sector will among other benefits bring about market stability and Improve fuel supply.

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Parra also nodded to the selection of Ex-Group Managing Director of the Nigerian National Petroleum Corporation, NNPC, Dr. Mohammed Sanusi Barkindo by the Federal Government as Nigeria’s candidate for the Secretary General of the Organization of the Petroleum Exporting Countries, OPEC.

He said, “I think that Barkindo will make a fantastic Secretary General, he will return the dignity of Nigeria in the International service, he will be a Secretary General of huge category and an important figure in the international oil industry.”

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