MOMAN
The Major Oil Marketers Association of Nigeria (MOMAN) says the Federal Government must remain consistent with its policies, especially as regards the liberalisation of the petroleum downstream sector.
Mr. Clement Isong, Chief Executive Officer, MOMAN, told the News Agency of Nigeria (NAN) on Thursday in Lagos that this would enable the country to reap the benefits of the well-thought-out policies.
The government had in April began the liberalisation of the petroleum downstream sector with the removal of subsidy on Premium Motor Spirit.
Isong said the move was long overdue and a step in the right direction for the industry to progress to the next stage of growth.
“The National Petroleum Policy is a very 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 Western 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.
“The government should not be distracted by the hurdles we shall encounter to get to the desired destination,” he said.
Isong noted that the liberalisation of the sector would attract the much desired Foreign Direct Investment needed to reposition Nigeria as a refining hub and a key player in the global oil and gas space. (NAN)
