CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.PART 16

allows for more competition and eventually price crashes.When you create the competition, people can go to the cheaper market,to buy fuel whether from NNPC station or private stations. Note that this arrangement is a short time arrangements because with the current exchange the landing cost will be high that will affect the daily pump price and monumental crisis will persist.Our country in the first instance,has no business importing fuel, given our vast potential and importation should be an interim measures.The first step to transparent deregulation should be to privitise the public refineries and enabled them to work effectively. Infact to be candid the government refineries are outdated cannot even produce efficiently. Technology has advanced and we now have cottage refineries and modular refineries and so forth.You can get cottage refineries with just 5m.or 10m.dollars to serve towns and cities.Why cant they support local governments ready to own their refineries?Yet they refused such mode of transparent deregulation.Many of these models should be allowed and not ideal to rely on Dangote Lagos refineries with estimated 650,000 bpd, when we fail to patronise state and local government based refineries alongside many private modular or cottage refineries.So, we should have not less than 1,000 cottage refineries.Why granting monopoly to one person to strangulate our destiny? We know that it is naturally expedient for us to refine here.So if you refine