Economy

Nigeria losing investors to non-passage of PIGB – LCCI

by TONY AILEMEN, Abuja

October 27, 2018 | 10:50 am
  |     |     |   Start Conversation

The Lagos Chambers of Commerce and Industry, Friday said the non- passage of the Petroleum Industry Governance BIll PIGB was scaring away investors who are diverting their investments to other countries

President of the LCCI, Babatunde Ruwase, who led LCCI officials to meet with President Muhammadu Buhari , said investors were moving their capitals to countries with well defined laws.

He lamented that “Instead of giving incentives, the feelers we are getting is that the Nigeria Ports Authority NPA, is going to levy $1 per barrel of crude and other such levies are going to be imposed. We urged them to quickly pass the law to make our oil and gas more competitive to investors.

According to him , “ Nigeria is becoming less competitive in the global petroleum investment cycle because of the absence of a well defined system of laws to guide investors”

“We tasked the government on the Petroleum Industry Governance BIll PIGB. We need to pass this quickly because many countries are now discovering crude oil in commercial quantities and this has made investments in the sector very competitive.

He noted that Nigeria was also contending with other nations for investment in the sector, adding that “we need to attract investors by reducing unnecessary bottlenecks.”

The LCCI President commended the Federal government on Ease of Doing Business, charged government to digitize its operations as part of measure to tackle corruption.

“We advised government to use this all through its processes, as it will reduce man to man interactions in carrying out government business.

Speaking on the Apapa gridlock, the LCCI President noted that instead of making profits, business owners were counting loses by the day because of demurrage , which, he said “has grounded our export drive”

“What the government need to do is to use pipeline to transport imported petroleum products”
Speaking on power, he said government must look into the issues of distribution.

“With what we are generating today, we cannot distribute more than 4000 megawatts. We should be thinking more of how to deal with distribution and transmission.”

The LCCI also charged the federal government to put its buildings in Lagos including the Central Bank of Nigeria building, the Independence building, the old National Assembly complex and the NITEL building in Lagos into proper use as hoodlums have taken over the edifice

“We Appealed to the federal government that they either give them to the Lagos State government or put them into proper shape so that they can be put into proper use to generate money for the government. They are currently wasting away and providing abode for hoodlums, criminals and the likes

The LCCI which turns 130 years later this year, also used the opportunity to invite President Buhari to grace 130th anniversary, in Lagos, sometimes later this year.

Tags: ,

by TONY AILEMEN, Abuja

October 27, 2018 | 10:50 am
  |     |     |   Start Conversation

Big Read |  

Analysis

Blockchain technology is disrupting payment processes in the agricultural sector

Blockchain technology is a decentralized digital ledger that keeps immutable records of transactions. It maintains a network of computers working...



BRIU

Banking App

Newsletter Market Intelligence