Analyzing Petrol Scarcity Risk in Nigeria: Strategic Management Survey and SWOT

Sunday S. Akpan and Michael Nnamseh
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Sunday S. Akpan: University of Uyo, Uyo, Nigeria
Michael Nnamseh: University of Uyo, Uyo, Nigeria

International Journal of Risk and Contingency Management (IJRCM), 2015, vol. 4, issue 1, 21-38

Abstract: Petrol scarcity is a malady and a serious economic problem in Nigeria. Successive governments have, often times, used it as a case for political advances, yet petrol scarcity remained an undefeatable macroeconomic monster in Nigeria. The need for petrol, its availability and affordability is obviously important especially as the risks and its attendant effects are undesirable. Thus, this investigation focuses on the strategic management approaches for minimizing its occurrence. From the analysis, excessive corruption, mismanagement of government treasury, etc., were found as causes of petrol scarcity while socioeconomic unrest, hike in transport fare, retardation of economic growth, etc were found as its associated risks. Also government strategies of task force formation and downstream sector reforms were found to have no significant mitigating effect on petrol scarcity. Consequently, the use of balanced scorecard, SWOT analyses etc were recommended as potent strategic approaches for managing and forestalling petrol scarcity in Nigeria.

Date: 2015
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