Dr Muda Yusuf, Director-General, Lagos Chamber of Commerce and Industry (LCCI) has urged the federal government to come up with an exit strategy to pave the way for the complete liberalisation of the downstream oil sector.
Yusuf gave the advice on Wednesday in Lagos, in his reaction to the federal government’s reduction in petrol pump price from N145 to N125.
“The report of a slash in petrol price from N145 to N125 per litre is a welcome development, especially in the light of the slump in global crude oil price.
“However, what is desirable ultimately is for the federal government to come up with an exit strategy to pave the way for a complete liberalisation of the downstream oil sector.
“This is an opportune time to do so,” he said.
The Director-General stressed that the Nigerian economy had suffered huge losses as result of overeregulation of the downstream oil sector over the years.
“The sector had been denied private investment over the years because of the challenge of the pricing policy.
“We hope that this price review signals the commencement of the liberalisation of the sector,” he said.