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Rising Inflation Blamed on Oil Sector Deregulation From Omon-Julius Onabu in Benin-City Rising inflation has been identified as the greatest economic problem currently facing the Nigerian economy, which must be arrested. Another factor militating against the economy of the country is the failure of Government to replecate the economic measures being implemented strictly at the state level. These views were expressed by the Managing Director and Chief Executive Oficcer of Leopetrotech Nigeria Limited, Mr Austine Osaghae, in an interview with THISDAY in Benin-City, at the week-end, on the effects of the deregulation of the downstream sector of the oil industry in Nigeria. Osaghae, who observed that rising inflation in the country largely attributable to the sectoral deregulation, opined that the only way out of the economic mess would be for the Fderal Goverment to reduce inflation to a bearable level using the instrumentality of the Central Bank of Nigeria (CBN). According to the engineer and long time player in the oil construction and maintenance sector, "the CBN should concentrate on measures to bring inflation to a single digit; it should monitor the mangement teams of banks in order to avoid their distress." "This is because the major problem with the country's economy right now is rising inflation particularly occasioned by the deregulation of petroleum products", he said. On the vexed issue of funds withdrawal from banks by the Federal Government, he said "the same thing should apply at the state level, if the efforts of the Federal Government would not be an exercise in futility. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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