NIGERIA'S increase in electricity prices and the deregulation of petroleum sector were crucial decisions taken at the start of the year, a statement by President Muhammadu Buhari said on Monday. Multilateral lenders have for years urged Nigeria to remove costly fuel subsidies, change electricity tariffs which have held prices artificially low and end the country’s multiple exchange rate system. Last month sources said a much-needed $1.5 billion World Bank loan was held up due to concerns over such reforms. The government in March announced a new pricing mechanism that it said would maintain its control, but allow prices to move…