LCCI, PENGASSAN Urge Buhari To Deregulate Oil Sector | Independent Newspapers Limited
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LCCI, PENGASSAN Urge Buhari To Deregulate Oil Sector

Posted: May 25, 2015 at 12:00 am   /   by   /   comments (0)

The Lagos Chamber of Commerce and Industry (LCCI) and Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN) have urged the in-coming administration of Gen. Muhammadu Buhari on assumption of office, to create a state of emergency as well as deregulate the oil and gas downstream sector to revive the nation’s economy.

LCCI President, Remi Bello, in a statement issued on Sunday, noted that the deregulation of the sector will provide an enduring solution to the recurring problem of petroleum product scarcity, corruption inherent in the subsidy regime, the collapse of refineries, lack of investment in the downstream sector, loss of jobs and so on.

According to the statement, options available to the incoming administration in this matter are very limited. “The current regime of subsidy and governments direct involvement in the operations of oil and gas sector should be discontinued.

“Government needs to get out of the way, so that the sector and the economy as a whole can make progress.  This will pave the way for the restoration of normalcy in the sector and attract private capital, boost investments and create jobs.”

While appealing to labour unions and the citizens to give the reform of the oil and gas sector a chance, LCCI stated that the current model of managing the sector has done a colossal damage to the Nigerian economy, adding that it is in the overriding interest of the economy and the citizens to quickly deregulate the sector.