THE IMPACT OF DEREGULATION ON THE STRATEGIC MANAGEMENT OF THE PETROLEUM MARKETING FIRMS IN THE NIGERIAN DOWNSTREAM SECTOR

ABSTRACT
In the past decade or so, Nigerians have been traumatized by the impact of fuel
crises. Lives have been lost and some productive enterprises have either gone
under or operating far below optimal level as a consequence of fuel supply
shortage and unpredicted high pricing associated to the mismanagement of the
downstream sector of the petroleum industry. The federal government is aware
of this problem and decided to appoint a committee of technocrats to chart a
new mode of operating the downstream sector. The committee recommended a
paradigm shift from regulation to deregulation of the downstream sector. The
sector was deregulated.

Until then however, very little was known about
deregulation in the Nigerian economy particularly in the running of public
utilities in which the petroleum industry is a foremost concern. The study
examined amongst others, the nature of benefits that come from the
deregulation of the sector, the process of strategic change in a new business
environment by firms in the downstream sector of the petroleum industry with a
view to determining the impact of deregulation on the strategic management of
these firms and to ascertain the risks associated with strategic change in terms of
impact on the growth of the firms. Also examined are the best practices in the
global petroleum industry, an analysis of the strategies for deregulating the
Nigerian downstream sector in petroleum marketing firms. The survey method
was used in line with the objective of the study data were obtained form both
primary and secondary sources and chi-square statistic was applied to test the
hypothesis. The study reveals that collective performance hangs on the fact that
their management system lacked the capacity to adjust strategically to the
deregulation of the sector. Based on the findings of the study a number of
recommendation believed would eliminate the hurdle on the way to successful
operation of the sector were made. Conclusively, the study maintained that the
deregulation downstream sector requires a change in business modes of
operation and that the gains accruing to the policy are worth the effort.

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