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The Lagos Chamber of Commerce and Industry (LCCI) has commended the decision of the Nigerian government to allow market forces determine the price at which petroleum products are sold in the country

According to LCCI, the move is a game changer for the oil and gas sector of the economy.

The LCCI said the reform of the downstream sector would free resources for investment in critical infrastructure such as power, roads, the rail systems, health sector and education sector and would unlock huge private investment potential, especially in local petroleum products refining  

Dr Muda Yusuf, director-general, LCCI, said that the impact on the economy would be invaluable, but measures should be entrenched so that it would not reverse in the future.

“It is vital to ensure that this new policy direction will be entrenched so that there will be no contemplation of any form of reversal.”

“We are aware that similar attempts to undertake this crucial reform in the past had not been successful.  However, we are confident that in the current dispensation, this will not be the case.”

The LCCI said urgent steps should be taken to ensure that the decision to sell petroleum products   is backed up by appropriate legislative process. 

“Operators are eagerly awaiting guidelines from the Central Bank of Nigeria on this critical aspect of access to forex for the importation of petroleum products.”