The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) has commended government for the reduction in the pump price of petrol saying that it would ease part of the burden being faced by the private sector operators on the cost of doing business.
Speaking at its 1st quarterly Council Meeting, the Acting National President of the Association, Chief Bassey Edem, MFR, FCA, expressed optimism that the slash in fuel pump price would have a positive impact on businesses and the general price level as cost of doing business will relatively drop.
This positive action is however, pressured by the devaluation of the Naira against all foreign currencies as a result of our central bank’s inability to fully defend the Naira.
A communiqué issued at the end of the meeting notes that the reduction in the pump price of PMS is seen as a step in the right direction taken by the Federal Government towards its decision to fully deregulate the oil sector and allow market forces to determine the prices but that the full deregulation of the downstream sector of the oil industry will allow that monies that has been earmarked for oil subsidy payments be directed towards other pressing economic developmental programmes.
It also urged government to aggressively complete the total overhauling of all the country’s refineries in preparation for their privatization / full commercialization, so as to save our foreign exchange that is currently been lost to imported refined petroleum product and also ensure that INEC, Security Agencies and other stakeholders work at ensuring the forthcoming election is held peacefully.