The Lagos State Government is set to launch its oil and gas corporation, aimed at optimizing the benefits of oil and gas in the country and ease supplies to the state. The Lagos State Oil and Gas Corporation (LOGASC) is on the way in the state, and a bill towards it has been sent to the state legislature and will also be presented for public hearing – today.
Petroleum is the mainstay of Nigeria’s economy, and issues with poor refining capability – locally, causes flutter that shifts products availability in parts of the country. The Lagos government understands the need to reduce petroleum products uncertainty for Lagos residents and to also look for the state, possibilities of oil exploration within the medium term.
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This article was first published on 15th October 2012
Comments (1)
The Lagos State Government is set to launch its oil and gas corporation, aimed at optimizing the benefits of oil and gas in the country and ease supplies to the state. The Lagos State Oil and Gas Corporation (LOGASC) is on the way in the state, and a bill towards it has been sent to the state legislature and will also be presented for public hearing – today.
Petroleum is the mainstay of Nigeria’s economy, and issues with poor refining capability – locally, causes flutter that shifts products availability in parts of the country. The Lagos government understands the need to reduce petroleum products uncertainty for Lagos residents and to also look for the state, possibilities of oil exploration within the medium term.
The idea is a good one but I hold the view that such a venture is well suited for private sector investment. Past history at the Feds level shows that government’s direct investment in oil and gas business is not sustainable. It has not worked in the country’s advantage. Lessons learnt informs a better approach in liberalizing the sector in private hands and for government to strenghten its policy and oversight functions in the interest of the people. Government should strive to avoid being in the business of doing business while emphasizing more on its regulatory role.