The Chairman, Major Oil Marketers Association of Nigeria , Olumide Adeosun, has stated that the Federal Government’s suspension of the Petroleum Industry Act would create more uncertainties in the nation’s downstream sector.He urged the present administration to be consistent with formulating policies so as not to send wrong signals to potential local and foreign investors.
In his words: “The impact is obviously the delay because the reality of the matter is that we had not really started to implement the element of the plan so we are not really operating in a deregulated world even though the bill has been signed. The impact creates more uncertainties and it does not do much in terms of investor confidence in this sector as a destination of choice.
“The most important thing is that we are continuing to see interest in gas and we continue to see that the government is focused on driving its gas agenda and I think that should give investors some comfort, but it is absolutely critical that we do not make it a habit of this policy inconsistency because it is sending some wrong signals.”
He, however, stated that the Dangote refinery scheduled to come on stream in 2023 would provide enough supply to meet local demand for petroleum, but would need to repay the fund borrowed to build the refinery.
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Source: GuardianNigeria - 🏆 1. / 94 Read more »
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