LCCI, NACCIMA harp on subsidy removal

The Lagos Chamber of Commerce and Industry (LCCI  has harped on the removal of fuel subsidies and full deregulation of the petroleum downstream sector to attract required investments into the sector. According to the President of the Chamber, Asiwaju Michael Olawale-Cole, no investor wants to invest in an industry where they cannot recover their cost […]

The Lagos Chamber of Commerce and Industry (LCCI  has harped on the removal of fuel subsidies and full deregulation of the petroleum downstream sector to attract required investments into the sector.

According to the President of the Chamber, Asiwaju Michael Olawale-Cole, no investor wants to invest in an industry where they cannot recover their cost of production.

Olawale-Cole lamented that the menace of oil theft has become a national disaster and a critical threat to the nation’s revenue base as Nigeria loses crude oil at the level of about 91percent of output.

As revealed by the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), the LCCI Oil Producers Trade Section (OPTS), and the Independent Petroleum Producers Group (IPPG); Nigeria lost $3.2billion in crude oil theft between January 2021 and February 2022.

The twin factor of fuel subsidy payments and crude oil theft, according to him have combined to deny Nigeria, the gains of the high crude oil price on the international market.

Also, the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has urged the Federal Government to remove fuel subsidy.

The National President of the Association, Ide J.C. Udeagbala said that the subsidy was favouring only a few people while the masses are not benefitting.

Udeagbala who spoke on the current situation in the country lamented that insecurity and poor infrastructure were worsening the country’s business environment as well as negatively affecting the delivery of goods and products.