The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture, has called on the Federal Government to urgently fix the four refineries which have been in comatose for the past 16 years.
The President of the association, John Udeagbala, said this should be done so as to end petroleum products importation into the country.
“This, we believe, will help generate further employment opportunities for our citizens, particularly the teeming youths. It will also address the impact of fuel subsidy removal without additional debt burden on the nation.
“Besides, our ability to provide some basic raw materials internally will help our industries to compete better to benefit from the African Continental Free Trade Agreement.”
“Aside from the production of basic fuel products (PMS, Diesel, etc), there are other heavier distillates and by-products of these refineries which are also critical inputs for industries such as LPFO, SRG, Carbon Black, etc”
Concerned about the effects the removal of fuel subsidies will have on businesses, NACCIMA has urged the Federal Government to develop effective plans to mitigate the effects on businesses and Nigerians who are already under a lot of economic stress.
In addition, Udeagbala urged the government to take into account the forthcoming issues influencing the Ease of Doing Business in Nigeria and put into practice the different ideas that the association has previously proposed for long-term remedies to these numerous difficulties.
He claimed that working with the OPSN and putting the suggested remedies to these problems into practice would help the economy return to inclusive growth and development.
Director of the Centre for the Promotion of Private Enterprise, Dr. Muda Yusuf, responded to the situation by stating that, in his opinion, any issues pertaining to the withdrawal of the gasoline subsidy should be handled by the next administration.
“The Petroleum Industry Act as amended holds the same stance. The topic ought to be left for the new administration to handle rather than igniting yet another round of debate and misunderstanding.
“The NEC statement was actually unnecessary.
“I anticipate that the next administration will have a plan in place for handling the shift in policy. The current administration shouldn’t preempt this.”
