The Nigerian Economic Summit Group (NESG) has commended the Federal Government on its bold move to deregulate the petroleum pump price and electricity tariffs. 

The NESG made this known is a statement jointly signed by the Chairman, Board of Directors, Mr Asue Ighodalo and CEO, Mr Laoye Jaiyeola, on Monday, September 7th, 2020.

It said that the move by the Government would lead to a better functionality of the electricity and petroleum markets.

Part of the statement released reads; “The NESG commends Government’s actions at deregulating fuel and electricity prices and urge that proper policies, processes and procedures be put in place, to ensure that all the reforms (beyond price deregulation) necessary to facilitate the smooth functioning of both the fuel and electricity markets are effectively and conclusively implemented.”

The group also said that adequate communication to stakeholders and the general public on the benefits derivable from these actions must also be regularly carried out.

It acknowledged the efforts of the President Buhari-led administration to diversify the economy and carry out reforms.

The group said;“the NESG notes the nation’s huge exposure to the vagaries of oil price fluctuations and emphasizes the need for a better structured and effective diversification of the economy. However, the NESG is not oblivious to the continuing crucial role of the Oil and Gas sector in our economy.

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“Accordingly, we applaud the work now being done by the Presidency to see to the quick passage of the Petroleum Industry Bill (PIB), and urge further stakeholder consultations so that the resultant law will create the required enabling environment for investment flows, reserves enhancement, technology transfer and utilization efficiency.”

Speaking on improving efficiency at the nation’s ports, the NESG acknowledged the Federal Government’s efforts at reopening the eastern port and urged that the rail link between Onne and Port Harcourt be given urgent attention so as to avoid replicating the Apapa Port experience.

The group also spoke on the newly enacted Companies and Allied Matters Act (CAMA) 2020. It appreciated the Government for its impact on small businesses, and called on individuals and groups who have expressed concerns to seek appropriate ways of addressing them.

The group stated, “we have noted the issues being raised by some stakeholders about the provisions of certain sections of the Act, and urge all concerned to follow due process in seeking review and then be given fair hearing such that the many proactive provisions in the law that would facilitate the ease of doing business, provide efficient corporate structures and a stable / certain business climate are not drowned out but are well communicated, optimised and implemented.”

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The Nigerian Economic Summit Group is a private sector-led think-tank and policy advocacy group based in Nigeria. The NESG promotes sustainable growth and the development of the Nigerian economy.