Bizman Supports Fuel Subsidy Removal

A Lagos-based businessman and boss of Gabovies Oil and Gas Company, Mr. Ganiyu Bolaji Davies, has praised President Goodluck Jonathan for removing subsidy from petroleum products.

He, however, blamed him for not putting some palliative measures in place to cushion the attendant effects of the subsidy removal on the people.

According to him, high level fraud would be tackled by the subsidy removal, especially the fraudulent payment on phoney imports of PMS.

The former NTA ace cameraman, who has almost concluded plans with some foreign partners to build a fuel refinery at Badagry, Lagos State, also suggested that state governments should join private enterprises to build new refineries and run them commercially.

According to Davies, a refinery is a great employer of labour as there will be thousands of new jobs during construction and after, noting that such private refineries will focus more on economic than political considerations, while high volume would attract investment and eventually lead to low price high volume.

He also noted that efficiency within the various marketing companies would improve and so would competitiveness as they would try to improve on their profitability.

The businessman commended Governor Babatunde Fashola of Lagos State for embarking on construction and rehabilitation of roads, especially the ongoing widening of Lagos-Badagry Expressway and construction of light rail line on that axis, which he said will be beneficial to not only the people of the state, but other neighbouring states and countries in terms of trade and commerce.

He called on the Federal Government and other states to emulate Fashola and concentrate more on projects that will better the lot of the people.