The Lagos Chamber Of Commerce and Industry (LCCI) has called for the urgent liberalisation of the downstream petroleum sector as part of measures to put an end to the lingering fuel scarcity in the country.
In a statement released by the chamber, the LCCI asked for a clear definition of the role of the Nigerian National Petroleum Corporation as well as a level playing ground for all operators.
The LCCI believes this would also attract more investment, generate more jobs and reduce the pressure on the country’s foreign reserves.
The chamber also suggested that the pipelines should be given out on concession to private investors for more efficient management.
According to the statement, the Central Bank of Nigeria (CBN) needs to ensure a more transparent process in the allocation of foreign exchange to petroleum product marketers and ensure the payment of matured letters of credit to their offshore fuel suppliers.
