Major oil Marketers Association of Nigeria, MMAN, has decried the neglect of the nation’s downstream sector, saying they want a new policy direction.
The association’s new chairman, who doubles as the Managing director of 11plc formerly Mobil Oil Nigeria plc Adetunji Oyebanji says the industry’s framework needs to be reviewed.
The oil and gas industry can be best described as the beautiful bride of the Nigerian economy. Industry players believe that if well managed the sector can become more productive, contributing more to the nation’s cash receipts.
Inspite of the key role that the sector plays, experts say the it is plagued with challenges ranging from inadequate finance, poor policy implementation, lack of professional knowledge and low capacity.
The marketers confirmed that the Central bank of Nigeria has asked deposit money banks not to charge interest on loans linked to subsidy debt from June 2017 to December 2018 —that was after promissory notes were issued to oil marketers to cover part of their debts.
Figures from the National bureau of statistics shows that as at the third quarter of 2018, the oil and gas sector remained the highest foreign exchange earner. It contributes about 87 percent to national revenue but less than 9 percent in Gross domestic product.
