Original Post By Sylvester Enoghase
Senior Correspondent
Nigeria Employers’ Consultative Association (NECA) on Tuesday called on the Federal Government to demonstrate its sensitivity in reviewing downward the price of fuel from N97per litre to N87per litre, to other petroleum products, stating that by so doing, Government’s action will promote investment in the downstream sector. This will create an enabling environment for manufacturers to thrive.
NECA’s Director General, Segun Oshinowo made the appeal while interacting with newsmen on how the present action of the Government will not promote investment in the downstream sector of the oil and gas industry.
He said: We call on the Federal Government to demonstrate its sensitivity in reviewing downward the price of fuel from N97per litre to N87per litre to other petroleum products as the current action will not promote investment in the downstream sector, when an enabling environment is needed for manufacturers to thrive.
“We should, however, remind ourselves that this action by Government is begging the more fundamental issue of appropriate policy framework that will promote investment in the downstream sector of the oil and gas and put a stop to the embarrassing and shameful practice of importation of PMS.”
Commenting further he said: “Our expectation therefore, is that government would seize the opportunity of the current decline in the price of crude oil to commence implementation of the policy on deregulation of the downstream sector of the oil & gas.
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