Investments in the Downstream Oil Sector to Improve With Deregulation

Following a nationwide outcry against the recent increase in pump price, the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) has said a market price reflective pump price will open up the downstream oil sector for more investment opportunities.

In a statement released on Sunday, DAPPMAN said deregulation will also deepen market diversification and expansion.

Mrs Winifred Akpani, the Chairman, DAPPMAN, commends the federal government for constantly seeking ways to grow and develop the sector.

She said, “DAPPMAN is mindful of the commitment of the government and the functional organs managing the sector to ensuring value to every Nigerian and we salute them for this as we are indeed up against uncertain times.

“However, we believe that full deregulation of the sector remains the most viable option for Nigeria to effectively navigate this period and ultimately safeguard the future of our economy and the well-being of 200 million Nigerians.”

Akpani stated that DAPPMAN is not unaware of the controversy that has trailed the issue of deregulation over the years and believes they are very important.

She, however, said “We believe these considerations will be duly addressed with a deregulation regime that guarantees long-term benefits and empowers the government to commit savings made in the process to infrastructure development, job creation, agricultural revolution, education and health.

“This will spur the growth of Small and Medium-scale Enterprises as well as large corporates that will increase Nigeria’s human capacity index, competitiveness and ultimately drive inflow of foreign investments.”