Lagos Chamber of Commerce & Industry Advocates Improved Regulatory Environment In Petroleum Downstream Sector

The Lagos Chamber of Commerce and Industry (LCCI) has advised the Federal Government to provide appropriate regulatory environment for private sector to drive investment in petroleum downstream sector for optimal profitability.

The President of LCCI, Mrs Nike Akande, made the appeal in Lagos on Friday during the chamber’s Petroleum Downstream Group Business Clinic.

Akande said that the call became imperative due to the new models of refineries and evolving restructuring of the oil and gas sector.

According to her, issues of survival strategies for the downstream operators at a time of profound economic challenges need greater attention.

She said that the evolving diversification of the economy to reduce its overdependence on oil had not diminished the importance of the oil and gas sector in Nigeria.

“This sector has good prospects to attract domestic and foreign investments, generate export revenues, taxes and royalties to government.

 “The modular refineries, currently been proposed, are expected to boost job creation, reduce our oil imports, conserve foreign exchange and reduce the security problems in the Niger Delta region,” she said.

Akande reiterated the call for the passage of the Petroleum Industry Bill to boost confidence and give direction to investors in the sector.

She commended the ongoing reforms in the downstream sector aimed at boosting investments for better performance of the economy.

Hon Joseph Akinlaja, the Chairman, House Committee on Petroleum Resources (Downstream), on his part said the House was constantly updating enabling laws governing activities in the downstream sector for maximum positive impact to industry players.

Akinlaja said that the House was committed to serving the interest of citizens through relevant business-friendly legislation and resolutions and more importantly passage of Petroleum Industry Bill into an Act before the expiration of 8th Assembly under esteemed leadership of Rt. Hon Yakubu Dogara