39126
Call to End Nigeria Fuel Crisis
World Economy

Call to End Nigeria Fuel Crisis

The Nigerian Institute of Management, NIM has lamented the ongoing nationwide scarcity of fuel. It said the development was having a huge negative impact on the economy.
Speaking during the NIM/National Defense College Executive Member Conversion Program Induction Ceremony in Abuja, Munzali Jibril, president and chairman of the NIM council, urged the federal government to urgently address the crisis before it worsens, NewsNow reported.
The crisis is having a heavy negative impact on the economy, he said. “Hopefully, this is a temporary thing; it is not a problem that is beyond solution. All you need is good planning, discipline and so on. I believe the minister has very good intentions and he is a competent professional, but he is facing challenges that he has never faced before.
“Working as general counsel in Mobil, he never faced these challenges. But I am sure that after this baptism of fire, he would improve.”
He explained that the crisis was mainly a management issue, especially as the country did not have an accurate figure of its fuel consumption.
He further advised the federal government and the Nigerian National Petroleum Corporation to draw up an importation plan that would guard against disruptions in the fuel supply chain, while ensuring that at all times, the country had 10-day supply of the product in its depots.
He added, “Ultimately, the long term solution is what the government is trying to do; to domesticate the refining of petroleum within the country, because it is very stupid of us to be a leading oil producer and yet have so little refining capacity to the extent that we rely on supplies from abroad for our own domestic consumption. It is very stupid indeed.
“I think ultimately, we should make all the refineries work at maximum capacity and ultimately stop importing. People argue that for that to happen, you have to deregulate the downstream market so that people that come and establish the refineries would do so at a profit.
“The government can do it even if it is subsidizing. But if private investors are coming, they have to be assured that there would be a market and that they would not be forced to subsidize.”

 

 

 

Short URL : http://goo.gl/73Xqlr
  1. http://goo.gl/VTCOvl
  • http://goo.gl/ZPRqxz
  • http://goo.gl/HXqk0h
  • http://goo.gl/bIsvPS
  • http://goo.gl/yKmkDd

You can also read ...

Both, Russia and China, have intensified efforts in recent years to settle bilateral trade not in US dollars, but in rubles and yuan. Gold is considered important by both countries.
The issue of when a global reserve currency begins or ends is...
Norway’s Sovereign Wealth Fund  Hits $1 Trillion
The Norwegian sovereign wealth fund, the largest in the world...
Janet Yellen
As the Fed starts unwinding the stimulus it provided to snap...
Kazakh Economy Grows by 4.3%
The economic growth in Kazakhstan was at 4.3% since the...
Ukraine Raises $3b in First Bond issue
Ukraine has raised $3 billion in its first sovereign bond...
Multinational digital firms, mostly based in the US, have pushed for globally harmonized rules that would provide predictability and limit the space for national governments to intervene in digital flows.
The increasing digitization of the global economy is changing...
The IMF could write off its debt and lighten Greece’s burden.
“Beware of Greeks bearing gifts,” wrote the ancient Roman poet...
London, Frankfurt and Paris fluttered between flat to slightly lower after eight days of gains.
Record-high world stocks paused on Tuesday and the dollar...

Trending

Googleplus