Lessons from Venezuela
Posted: Friday, December 11, 2009
Venezuelan Ambassador to Nigeria Enrique Fernando Arrundell could not have offered his advice on Nigeria's management of its petroleum resources at a better time. The anchor of government's argument is that higher prices would draw foreign investors to the down stream sector of the industry.
Professor and Minister of Information Dora Akunyili had solicited Venezuelan investments for our refineries.
Mr. Arrundell's response was without diplomatese. He launched a profound lecture on Nigeria's oil and gas.
"In Venezuela, since 1999, we've never had a raise in fuel price. We only pay $1.02 to fill the tank. What I pay for with N12,000 here [in Nigeria], in Venezuela I'll pay N400. What is happening is simple. Our President [Hugo Chavez] decided one day to control the industry, because it belongs to Venezuelans. If you don't control the industry, your development will be in the hands of foreigners...
Full Article : vanguardngr.com