14th January, 2017
The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to grant special incentives to private investors in the domestic refining of petroleum products.
Mr Muda Yusuf, the Director-General of the Chamber, on Saturday in Ota, Ogun said that such incentive would reduce pressure on Nigeria’s foreign reserve.
Yusuf further said that better incentives for investors would also ease the pressure of petroleum products imports on the economy.
According to him, there is a need for the federal government to make domestic refining a top priority.
“Public Private Partnership model for the development of new refineries should be considered in order to accelerate growth in the sector.
“Private investors in the domestic refining should be given the desired incentives to put an end to the importation of petroleum products in 2017,’’ the LCCI boss said.
Yusuf also advised the government to intensify efforts in engaging the Niger Delta agitators in dialogue to reduce disruptions to oil installations and production.
“This will stabilise the nation’s fiscal situation and moderate the pressure on the exchange rate as well as the foreign reserve.’’