The Lagos Chamber of Commerce and Industry (LCCI), Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), the Organised Private Sector (OPS), and the Nigerian Gas Association (NGA) have collectively criticized the recent hike in petrol prices, citing concerns over its adverse impact on businesses and consumers alike.
LCCI expressed concerns over the removal of the petrol subsidy in a manner that caused a sharp rise in pump prices. Dr. Chinyere Almona, Director General of LCCI, stated that while the subsidy was unsustainable—accumulating a debt of N10 trillion—the abrupt removal poses significant challenges. Almona warned that the hike could lead to widespread inflation, undoing recent gains and driving up costs for businesses in sectors such as supply chains, power generation, and transportation.
Almona emphasized the need for a long-term strategy, advocating for the development of local refineries, including the commencement of operations at the Port Harcourt Refinery alongside the Dangote Refinery. This, she argued, would help stabilize the oil and gas sector.
NACCIMA, in its statement, raised concerns about the timing of the increase, with its National President, Dele Oye, calling for more transparency and a clear explanation from the government. Oye highlighted the importance of constructive dialogue between the federal government, private sector stakeholders, and labour unions to address the implications of the price hike.
NACCIMA emphasized the need for transparency within the NNPC and urged the government to rebuild trust in its economic policies. Oye reiterated that balancing business needs with consumer protection is crucial in managing the current economic challenges.
Both organizations agree that the government must act swiftly to mitigate the economic impact of the price hike and ensure long-term solutions, such as increasing local fuel production.
