Economic Insight: Deregulation in Nigeria: A journey far from complete

Deregulation in Nigeria’s oil and gas sector may not bring down the price of petrol unless the naira regains its value and global oil prices fall. Despite progress, full deregulation remains a distant goal. The concept of deregulation in Nigeria’s oil and gas sector is far from new. According to a paper by Funsho Kupolokun, former Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), deregulation dates back to 1965. In 2004, during a presentation to the Governor of the Central Bank of Nigeria, Kupolokun highlighted h