As the country marked its independence, the Independent Petroleum Marketers Association of Nigeria (IPMAN), on Saturday in Abuja, pushed for the Federal Government to accelerate full deregulation of the petroleum sector to further open up the market.
Speaking through its National Public Relations Officer, Alhaji Yakubu Suleiman, IPMAN said having full deregulation would help in making the sector more stable.
He applauded the Federal Government, especially the Nigerian National Petroleum Corporation (NNPC) Limited and the Petroleum Products Marketing Company Limited (PPMC) management and other stakeholders, for their constant support.
Suleiman assured Nigerians of IPMAN’s commitment to a continuous adequate supply of petroleum products across the country.
Similarly, Mr. Henry Ewa, a Financial Consultant, advised the Federal Government to ensure full implementation of the Petroleum Industry Bill (PIB), which had been signed into law in 2021.
Ewa said that the major goal of the PIB was to refurbish and transform the Nigerian oil and gas industry because of its significant impact on Nigeria’s economy.
“The PIB is to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of host communities,” he said.
Ewa also reiterated the need for Nigeria to urgently diversify its economy from making fuel the major source of income.
“The economy needs other sources of income. We need to look inwards.
“The government should promote our agricultural sector, review our current policies, reduce the high tax rate, and help in packing and exportation. Make the environment favourable for foreign investors, tackle the insecurity in the country, I believe this will help,” he said.
