CENTRAL BANKING AND MACROECONOMIC UNDERDEVELOPMENT.PART 18

Nobody would buy those refineries the way they presently constituted,unless you put them right.The cost of putting them right is quite expensive and enough to nuild the new refineries. ? Hence it is cheaper to construct new refineries that the the cost preparing the refineries for privatization. Government knows unless they are working properly nobody would buy the refineries, due to cost and latest advancement in technology.To stop wasting money,on the white elephant project,the best option should be to auction them . Deregulation should come phases, first temporary importation of crude to alleviate problem of scarcity, two, licenses should be granted for construction of cottage refineries rather than than squander destiny of a nation in the hands of few oligarchs.The challenges of deregulation is also major problem affecting directly or indirectly the forex market due to our import dependent economy and cannot be excluded from the influence of macroeconomic policy.This inordinately affects naira exchange.