Alhaji Ahmed Gulak The special Adviser to the President on Political Matters, Has said that the passage of the Petroleum Industry Bill (PIB) would create an enabling environment for the sector.
Gulak told the News Agency of Nigeria (NAN) in Abuja that there must be complete deregulation of the oil sector if Nigeria must move forward.
He said, ``There must be complete deregulation of the oil sector if Nigeria must move forward; without complete deregulation, private investors will not come to build refineries.
They will always apply for licences, they import because there is subsidy to be paid; as long as the subsidy regime is in place, we will always have problems.
Our petroleum sector will not be developed; private investors will not bring in foreign investment to build the refineries.”
According to him, indigenous investors are not willing to build refineries, if they can go and import petroleum products and be paid subsidy by the government.
“So, if we want development in that sector; if we want availability of the product; if we want to add value to our crude oil, then we must deregulate the sector,'' he said.