Organised Private Sector (OPS), MOMAN, and DAPPMAN Support Petrol Subsidy Removal

Members of the Organised Private Sector (OPS) have expressed their support for the removal of petrol subsidy, stating that it is long overdue. 

The Manufacturers Association of Nigeria (MAN) and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) are among the OPS members who believe that President Bola Tinubu made the right decision.

Segun Ajayi-Kadir, the Director General of MAN, emphasized that the removal of fuel subsidy has become unsustainable and should have been done earlier. He suggested that the funds saved from subsidy payments should be redirected towards infrastructure development.

Although the leadership of NACCIMA was not available for immediate comments, a reliable source close to the Chamber stated that they prefer a gradual removal of fuel subsidy, accompanied by policy initiatives to mitigate its impact on the economy.

Dr. Chinyere Almona, the Director General of the Lagos Chamber of Commerce and Industry (LCCI), recommended a phased removal of the subsidy, coupled with substantial investments in critical infrastructure that support economic production. She emphasized that increased production leads to job creation, poverty reduction, and improved economic growth.

The Major Oil Marketers Association of Nigeria (MOMAN) and the Depot and Petroleum Marketers Association of Nigeria (DAPPMAN) have also endorsed the policy. In a joint statement, they described the decision as not just a fiscal reform but also a significant step toward social justice.

The bodies urged suppliers to continue providing products to legitimate marketers and called on all stations to remain open and avoid hoarding products. 

They also expressed anticipation for the participation of the Dangote Petroleum Refinery and other licensed importers to diversify the source of petroleum products and enhance market competition.

The specific ex-depot price, which refers to the price paid by marketers to obtain petrol from depots, is currently unknown. Depot owners and marketers are waiting for the Nigerian National Petroleum Company Limited (NNPCL) to announce the selling price at the depots.

Alhaji Abubakar Maigandi, the National Vice President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), informed our correspondent that all depots across the country have halted loading (supplying) the product. 

While the product is available, the depots have not resumed operations to supply it to the market.