By LAIDE  AKINBOADE
ABUJA—Nigerian Unemployed Youths Vanguard, yesterday, said the deregulation of the downstream sub-sector of the petroleum industry would help to reduce corruption in the country.

National Coordinator, Mr. Adodo Solomon, who stated this while addressing journalists in Abuja, said subsidy removal was inevitable for the nation’s socio-economic development.

He said: “We strongly believe that complete deregulation of the downstream sub-sector of the petroleum industry will deal a serious blow to the hydra-headed monster, corruption, which has perniciously plagued our economy.

“We have observed with ardent interest and have participated in discourses on the deregulation of the downstream sub-sector of the petroleum industry. A greater percentage of opinion leaders have said subsidy removal was inevitable.

“We have studied the subsidy reinvestment and empowerment programme and have conferred with our teeming members on this subject matter.”

He noted that over 112 million youths were unemployed in Nigeria, lamenting that the country was contributing to the employment of youths in other nations by importing refined crude from them.

He also urged all labour organisations in the country to channel their strengths and intellectual resources towards ensuring that the proceeds from deregulation were utilised in the best interest of Nigerians.