Stakeholders in oil and gas industry yesterday implored President Muhammadu Buhari to consider total deregulation of the nation’s downstream sector of the petroleum industry, saying that the development would unlock the huge private investment potentials in the sector, and also stimulate sustainable growth therein.
They expressed dissatisfaction over the huge amount of money spent by Federal Government annually on subsidy payment, saying such resources could be used to add value to other sector of the economy.
Mr Muda Yusuf, the Director General, Lagos State Chambers of Commerce and Industry (LCCI) told our correspondent that the biggest burden on the nation’s economy currently is the petroleum subsidy regime.
Yusuf said the government should encourage private sector players to take over the downstream sector of the petroleum business. Read more