IMPACT OF FUEL SUBSIDY REMOVAL ON LOCAL INVESTORS AND NATIONAL DEVELOPMENT STRATEGIES IN NIGERIA

Abstract

The lull that trails economic activities during economic recession usually have negative impact on business activities and fuel subsidy removal is not an exception. Various operational indicators pinpoint fuel subsidy as a major instrument in poverty reduction in Nigeria. Given this understanding, fuel subsidy has been a leverage that has aided local investors' operations inspired this study. The operational theory for this study involved Progressive Social Theory. The intent of this study is to offer some insights on the impact of fuel subsidy removal on local investors and national development strategies in Nigeria. While adopting a qualitative approach, in-depth interview (IDI) was used in collection of data from business owners. Judgmental and convenience sampling methods was used in choosing 206 local investors from 3 States (Akwa Ibom State, Cross River State and Edo State) in Nigeria. The use of content analysis method was used to analyze secondary data. The result of the qualitative data was analyzed using descriptive statistics. And the study found that the removal of fuel subsidy in Nigeria has triggered a thoughtful shift with far-reaching effects across business, social and economic sphere. The study therefore recommend the significance of informed decision-making to mitigate the negative impact of fuel subsidy removal on the individuals and provide economic relief programs that would foster a more resilient economy and safeguard the  populace.