NECA: Nigerians should benefit from local petrol production

The Nigeria Employers’ Consultative Association (NECA) is advocating for Nigerians to benefit from the local production of petrol, particularly with the Nigerian National Petroleum Corporation (NNPC) set to lift petrol from the Dangote Refinery on the 15th of this month. Adeyemi Smatt-Oyreinde, the Director General of NECA, emphasized the importance of this upcoming milestone and urged for the pricing of petrol to reflect the fact that it is being produced locally. He highlighted that the goal should be to eliminate the additional costs associated with importing petrol, such as landing costs and middlemen expenses. By leveraging the Dangote Refinery for local production, Smatt-Oyreinde believes that the pricing dynamics should shift significantly to benefit Nigerians. Smatt-Oyreinde expressed the need for transparency in the oil and gas sector to ensure that pricing is reflective of the current situation. He underscored that while international market prices may apply to exports, local consumption should not be subject to the same pricing structure. The Director General urged the government to align fiscal and monetary policies to address structural challenges effectively. He emphasized the importance of policy alignment for sustained economic growth in the short, medium, and long term. In response to calls for reform and policy adjustments, Smatt-Oyreinde supported the idea of reviewing and tweaking policies that do not yield desired outcomes. He noted that it is better to be inconsistent in policy adjustments than to persist in error. Additionally, Smatt-Oyreinde commended the Federal Competition and Consumer Protection Commission (FCCPC) for providing clarification on a one-month moratorium aimed at promoting fair competition in the market. NECA looks forward to engaging with regulatory bodies like the FCCPC to foster collaboration and address stakeholders' concerns effectively. Overall, NECA is advocating for policies that prioritize the welfare of Nigerians and ensure that local production benefits the citizens. With the NNPC gearing up to lift petrol from the Dangote Refinery, there is anticipation for a shift in pricing dynamics and a focus on transparent and aligned policies to drive economic growth and development.