Managing Risk of Petrol Scarcity in Nigeria: A Test of the Efficacy of Strategic Management Approaches

Managing Risk of Petrol Scarcity in Nigeria: A Test of the Efficacy of Strategic Management Approaches

Mr. Sunday S. Akpan

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Dr. Michael Nnamseh

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University of Uyo

Managing Risk of Petrol Scarcity in Nigeria: A Test of the Efficacy of Strategic Management Approaches

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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, hence this investigation with focus on 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, downstream sector reforms, etc were found to have no significant mitigating effect on petrol scarcity. Consequently, the use of balanced score card, SWOT analyses etc were recommended as potent strategic approaches for managing and forestalling petrol scarcity in Nigeria.

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Funding

No external funding was declared for this work.

Conflict of Interest

The authors declare no conflict of interest.

Ethical Approval

No ethics committee approval was required for this article type.

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Not applicable for this article.

How to Cite This Article

Mr. Sunday S. Akpan. 2014. \u201cManaging Risk of Petrol Scarcity in Nigeria: A Test of the Efficacy of Strategic Management Approaches\u201d. Global Journal of Human-Social Science - E: Economics GJHSS-E Volume 14 (GJHSS Volume 14 Issue E5): .

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GJHSS Volume 14 Issue E5
Pg. 25- 38

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Journal Specifications

Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

Keywords

economic performance good governance petrol scarcity risk management strategic management

Submission ReceivedDecember 10, 2013
Peer Review Double Blind
Handling Editor
Accepted January 3, 2014
Published January 15, 2014

Version of record

v1.2

Issue date

September 19, 2014

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Article Matrices

Total Score: 107

Country: Nigeria

Subject: Global Journal of Human-Social Science - E: Economics

Authors: Mr. Sunday S. Akpan, Dr. Michael Nnamseh (PhD/Dr. count: 1)

View Count (all-time): 156

Total Views (Real + Logic): 4515

Total Downloads (simulated): 2275

Publish Date: 2014 09, Fri

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Total Views: 4515

Total Downloads: 2275

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