The Independent Petroleum Marketers Association of Nigeria (IPMAN) has urged the Federal Government to enforce a total deregulation of the downstream sector, stressing that only such deregulation can boost the Nigeria’s economic growth.
Speaking on Sunday against the backdrop of a recent assretion by the Minister of State, Petroleum, Dr. Ibe Kachikwu that subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, stood at over N1.4 trillion, the Western Zone Chairman of IPMAN, Alhaji Debo Ahmed, stated that if government likes, it can introduce gradual removal of subsidy but it should not go beyond six to 18 months period.
“If fully deregulated with rules, you will have the serious investors coming in to invest adequately,’’ he said, pointing out that it is only deregulation that would encourage the establishment of many private refineries in the country.
According to him, deregulation is the answer and the government must talk to the people and let them understand the advantages; noting the need for government to summon the courage to fully deregulate and remove subsidy totally to open the market for investors.
Also speaking, President of the National Association of Liquefied Petroleum Gas Marketers, Mr Nosa Ogieva-Okunbor, tasked Government for full deregulation, explaining that the gesture could bring the much needed investment to the sector.
According to him, a full liberalisation and deregulation of Nigeria’s downstream oil sector would remove all hindrances and bottlenecks that had been discouraging private sector investment and market competition.

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