Petrol deregulation’ll facilitate fresh investments – DAPPMAN

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’Femi Asu
 The Depot and Petroleum Products Marketers Association of Nigeria has said deregulation will open up the downstream oil sector for fresh investments.
DAPPMAN, in a statement on Sunday, said deregulation would also bring about market deepening, diversification, and expansion.
It said these would culminate in stable demand and supply regimes, ‘which are critical to ensuring that consumers have uninterrupted access to affordable quality products without the huge financial burden currently borne by the government’.
The association said full deregulation of the downstream sector would enhance economic growth and development of the nation.
The Chairman, DAPPMAN, Mrs Winifred Akpani, commended the government for consistently seeking ways to reposition the sector for effectiveness and profitability.
She said DAPPMAN remained in support of the implementation of a fully deregulated regime, which she said would make operations in the downstream sector more seamless, enhance transparency, competitiveness and sustainable growth.
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.”
According to Akpani, DAPPMAN is aware of the considerations that have dogged the issue of deregulation over the years and believes they are very important.
She said, “However, 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.”
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