Sunday, February 5, 2023

IPMAN advises FG on complete deregulation of petroleum sector

The association stated that full deregulation would help make the petroleum sector more stable.

• October 1, 2022
Independent Petroleum Marketers Association of Nigeria (IPMAN)

Yakubu Suleiman, national spokesperson of the Independent Petroleum Marketers Association of Nigeria (IPMAN), has advised the federal government to hasten up full petroleum sector deregulation to open up the market further.

Mr Suleiman gave the advice in a telephone interview on Saturday, as the country marked its 62nd year of independence.

He stated that full deregulation would help make the sector more stable.

The IPMAN spokesperson commended the federal government, especially the Nigerian National Petroleum Corporation (NNPC) Limited and the Petroleum Products Marketing Company Limited (PPMC) management and other stakeholders, for their constant support.

Mr Suleiman assured Nigerians of IPMAN’s commitment to an adequate continuous supply of petroleum products across the country.

Similarly, a financial consultant, Henry Ewa, advised the federal government to fully implement the Petroleum Industry Bill (PIB), which was signed into law in 2021.

Mr Ewa said the key objective of the PIB was to overhaul and transform the Nigerian oil and gas industry because of its significant impact on Nigeria’s economy.

“The PIB is to provide legal, governance, regulatory and fiscal framework for the Nigerian Petroleum Industry and development of host communities,” he said.

Mr Ewa also reiterated the need for Nigeria to urgently diversify its economy from making fuel the major source of income.

(NAN)

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