*Full deregulation of petroleum sector
21 December 2012, Sweetcrude, Lagos – The Nigerian National Petroleum Corporation, NNPC, should be scrapped while the entire petroleum sector should be fully deregulated to entrench overall efficiency in the system, the Lagos Chamber of Commerce and Industry has recommended.
In its 2012 end of year business environment assessment report signed by its Director General, Mr Mudal Yusuf, the group said a regulatory body should be estabished, in place of the NNPC, to regulate the oil and gas sector, advising the government to privatise the refineries and depots in the country.
“Full deregulation of the downstream oil and gas sector beyond removal of fuel subsidy; immediate privatisation of all the refineries; petroleum products depots and pipelines.
The Chamber is also in favour of the recommendation that a strong regulator, an equivalent of NCC in the telecom sector be installed in the oil and gas sector and the subsequent scraping of NNPC and its affiliates institutions,” it said in the report.