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NESG on reforms

NESG seeks policies backing govt reforms in power, petroleum sectors

By on September 7, 2020 0 121 Views

The Nigerian Economic Summit Group (NESG) has urged the federal government to put in place proper policies, processes and procedures that will ensure the effective and conclusively implementation of its reforms in the downstream petroleum and power sectors of the economy.

In its response to the recent hike in the pump price of fuel and electricity tariff, the Chairman, Board of Directors, Asue Ighodalo and NESG CEO, Laoye Jaiyeola said that government should also highlight the benefits derivable from the reforms to enable all stakeholders to appreciate the essence of its actions.

“The NESG commends government’s actions at deregulating fuel and electricity prices and urge that proper policies, processes and procedures be put in place, to ensure that all the reforms (beyond price deregulation) necessary to facilitate the smooth functioning of both the fuel and electricity markets are effectively and conclusively implemented.”

“Adequate communication to stakeholders and the general public on the benefits derivable from these actions must also be regularly carried out,” Ighodalo and Jaiyeola said in the communications from the NESG.

“The NESG notes nation’s huge exposure to the vagaries of oil price fluctuations and emphasizes the need for a better structured and effective diversification of the economy. However, the NESG is not oblivious to the continuing crucial role of the Oil and Gas sector in our economy.

“Accordingly, we applaud the work now being done by the Presidency to see to the quick passage of the Petroleum Industry Bill (PIB), and urge further stakeholder consultations so that the resultant law will create the required enabling environment for investment flows, reserves enhancement, technology transfer and utilization efficiency.”

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