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

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Mr. Sunday S. Akpan
Mr. Sunday S. Akpan
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Dr. Michael Nnamseh
Dr. Michael Nnamseh
1 University of Uyo

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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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No external funding was declared for this work.

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The authors declare no conflict of interest.

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No ethics committee approval was required for this article type.

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Not applicable for 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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Crossref Journal DOI 10.17406/GJHSS

Print ISSN 0975-587X

e-ISSN 2249-460X

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September 19, 2014

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English

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

Mr. Sunday S. Akpan
Mr. Sunday S. Akpan University of Uyo
Dr. Michael Nnamseh
Dr. Michael Nnamseh

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