Economic Summit Group commends FG over petrol price deregulation, electricity tariffs

Economic Summit Group commends FG over petrol price deregulation, electricity tariffs

As reactions continue to trail the deregulation of the prices of electricity and petrol, the Nigerian Economic Summit Group (NESG) on Monday commended government’s actions at deregulating fuel and electricity prices, noting that the benefits would ensure smooth functioning of both markets.

The position of the group is contained in a statement jointly signed by the Chairman, Board of Directors, Mr Asue Ighodalo and NESG CEO, Mr Laoye Jaiyeola.

According to the group, “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.”

Continuing, the NESG said “adequate communication to stakeholders and the general public on the benefits derivable from these actions must also be regularly carried out.”

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Speaking further on the reform programme being implemented by the current administration, the NESG acknowledges all efforts especially in diversifying the economy.

It said “the NESG notes 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.

“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.”

On the Federal Government’s efforts in improving efficiency at the nation’s ports, the group acknowledges government efforts at reopening the eastern port and urges that the rail link between Onne and Port Harcourt be given urgent attention so as to avoid replicating the Apapa Port experience.

Stating its position on recently enacted Companies and Allied Matters Act (CAMA) 2020, the NESG acknowledged the expected far-reaching positive impact of the law on small businesses and called on individuals and groups who have expressed concerns to seek appropriate ways of addressing them.

According to the group, “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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