The Nigerian Association of Chamber of Commerce, Industry ,Mine and Agriculture (NACCIMA) has expressed concerns over the recent crisis occasioned by the importation of off-spec premium motor spirit (PMS) which has led to the return of petroleum queues across the country with serious implications on life and the economy.
It regretted that the situation was a reflection of the fact that the nation’s Oil and Gas Sector is still plagued by various problems and yet and the Petroleum Industry Act (PIA) is not functioning as envisioned to resolved the issue of the oil and gas sector.
NICCIMA observed that a major issue which provoked the crisis is the continued importation of petroleum products. It suggested that immediate steps must be taken to end importation of petroleum products and that immediate steps should be taken to ensure all the refineries are working in full capacity for a definitive end to importation of petroleum products.
This was part of the issues discussed at the 1st Quarter EXCO and Council Meetings of the Association which was held at Abuja Federal Capital Territory on 23rd and 24th February, 2022. The meeting was hosted by the Abuja Chambers of Commerce and Industry (ACCI) and presided by the NACCIMA National President, Ide John. C Udeagbala.
The communiqué issued at the meeting noted that the Nigerian economy has continued to improve since its last meeting in Benin, Edo State.
“Specifically, Council noted that growth in National output had slowed down slightly from a 5.01% per cent growth in the second quarter of 2021 to a 4.03% growth in the third quarter indicating a continuous positive growth over the last four quarters since the recession witnessed in 2020, it said , adding that the NACCIMA “Council is committed to accelerating activities in other to carry out the Association’s mandate of advocating and strengthening those sectors of the economy that are of keen interest.”
“NACCIMA Council discussed the recent crisis occasioned by importation of off specs PMS, which led to Petroleum Queues across the country with serious implications on life and the economy. The Council observed this was a reflection of the fact that the oil and Gas sector is still plagued by various problems and yet and the PIA is not functioning as envisioned to resolved the issue of the oil and gas sector.
“ Council observed that a major issue is the importation of petroleum products and immediate steps must be taken to end importation of petroleum products. Consequently immediate steps should be taken to ensure all our refineries are working in full capacity for a definitive end to importation of Petroleum products.”
On data collection on insolvent industries across the country, NACCIMA noted the progress that had been made on the data collection drive on industries across the country through its Secretariat, noting that the data gathering exercise is to help drive private sector activities, in collaboration with member-chambers, for advocacy, business development, and trade promotion activities.
The Secretariat was mandated to intensify these activities to focus on promoting market access opportunities, as well as, develop an empirical report on the state of insolvent industries and factories within each State of the federation.
In addition to the foregoing the NACCIMA Council also adopted recommendations on the following:
Strengthen and Support the activities of its women wing; the NACCIMA Women Business Group (NAWORG) and encourage the Youth to join NACCIMA Youth Entrepreneurs as part of strategy to encourage young people into the Chamber movement.
In conclusion , the Council acknowledged the Development Agenda of the Federal Government under its Medium Term Plan (2021-2025) and expressed its commitment to ensure full private sector participation in its implementation.
It also expressed its appreciation to the Abuja Chamber of Commerce and Industry led by its President, Alhaji Al-Mujtaba Abubakar.