LCCI commends NNPC for downstream deregulation move

The Lagos chamber of commerce and industry has thrown its weight behind full deregulation of the country’s down stream sector.

In a statement made available to TVC news from the chamber, the decision of the Nigerian National Petroleum corporation ( NNPC) to put an end to the subsidy and under recovery regime in the oil and gas downstream is a welcome development.

LCCI says this is a game changer as the impact on the economy will be felt by all and sundry.

But the chamber was quick to note that urgent steps must be taken to consummate the reform process with appropriate legislative framework.

The chamber added that its is imperative to ensure clarity on access to foreign exchange for petroleum marketers to import petroleum products.