BusinessMOMAN Tasks FG On Sustained Liberalisation Of Petroleum Downstream Sector

MOMAN Tasks FG On Sustained Liberalisation Of Petroleum Downstream Sector

GTBCO FOOD DRINL

BEVERLY HILLS, December 20, (THEWILL) – The Major Oil Marketers Association of Nigeria (MOMAN) has urged the Federal Government to remain consistent with its policies on the liberalisation of the petroleum downstream sector to enable Nigeria and Nigerians reap their benefits.

Mr Clement Isong, Chief Executive Officer, MOMAN, made the call recently

at the AfCFTA Oil and Gas Virtual Workshop organised in collaboration with the Federal Ministry of Industry, Trade and Investment.

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The workshop had at its theme: “Nigeria – Africa’s Refining and Services Hub under the AfCFTA”.

Isong said the removal of subsidy on Premium Motor Spirit was long overdue and a step in the right direction for the industry to progress to the next stage of growth.

He said, “The National Petroleum Policy is a well-written document, which if implemented to the letter, can impact positively on the petroleum downstream sector and the Nigerian economy.

“Nigeria can eventually become the refining hub for West and Central Africa and ultimately the whole of Africa.

“Policy reversals that will take us back to subsidy and the opacity it brings should be vehemently resisted and avoided for the collective good of Nigeria.”

According to him, the path to full deregulation of the petroleum industry should be kept open as Nigeria can no longer afford wastage of scarce resources.

Isong also maintained that the private sector could play a key role in transforming Nigeria into a refining hub.

He said this would save the Federal Government the huge expenditure currently incurred on subsidizing petroleum products and administrative costs associated with superintending over price control in the industry.

Isong noted that it would also create employment for millions of Nigerian youths and address the long-term degradation of the capacity, infrastructure and standards in the downstream petroleum industry and build a sustainable industry.

“The private sector also has a role to develop an industry that has capacity to attract local and foreign direct investment into Nigeria through the establishment of ancillary and derivate industries and through equity participation.

“To achieve the above critical objectives, the right environment needs to be established; an environment that supports a market-based philosophy anchored to the sustainability of the petroleum industry,” he said.

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