The Lagos Chamber of Commerce and Industry has advised the Federal Government to grant special incentives to private investors in the domestic refining of petroleum products.
Muda Yusuf, the Director-General of the Chamber, told the News Agency of Nigeria on Saturday in Ota, Ogun State 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.
He said: “Public Private Partnership model for 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 importation of petroleum products in 2017.”
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 exchange rate as well as the foreign reserve.”
NAN.
Trending
- Emefiele faces fresh charges over N124.8b withdrawal from CRF
- Reps urge NERC to suspend hike in electricity tariff
- Tinubu congratulates Emeritus Professor Ayo Banjo at 90
- Court remands businessman for allegedly defiling eight-year-old girl
- Man, 29, arraigned for allegedly stealing phones at students’ hostel
- Court remands man for betting N40,000 on credit
- NUC, NOUN, AAU train 931 scholars on use of AI – Okebukola
- Workers’ Day: FG declares public holiday