Lagos Chamber of Commerce and Industry, a body of organized businessmen based in Lagos has urged the Federal Government to fully deregulate the oil and gas sector in 2013 beyond the removal of oil subsidy and to scrap the Nigerian National Petroleum Corporation. The chamber suggested that in place of the scrapped NNPC, a regulatory body be set up to properly regulate the oil and gas sector. It also said that the government should take bold steps and privatize all the refineries and depots in the country.
The Chamber in its 2012 end of year business environment assessment report signed by its Director General, Mr Mudal Yusuf said that operators in the oil and gas sector have long proposed as the way forward for the industry “Full deregulation of the downstream oil and gas sector beyond removal of fuel subsidy; immediate privatization of all the refineries; petroleum products depots and pipelines. The Chamber is also in favor 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”.