NNPC Runs Opaque Operating Environment-LCCI

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Mohammed Shosanya

The Lagos Chamber of Commerce and Industry,LCCI,has lamented that the operating environment of the Nigerian National Petroleum Company Limited is opaque and counterproductive to competition.

The chamber disclosed this in its 2023 mid-year economic review and outlook made available to newsmen by its Director-General,Dr. Chinyere Almona.

The review said the oil sector will attract the desired investment if the government liberalizes fuel import licenses and other vital activities in the midstream and downstream.

It advised that Institutional reorganization is urgently needed in the Central Bank of Nigeria and the NNPC to improve transparency and accountability.

According to the review,government should unlock revenue from assets by complementing tax with rent, fees, dividends, and capital gains.

It added:”Economies that optimize revenue through equities have recently offset the loss from declining commodity prices.The new administration is advised to borrow better to reduce debt costs by issuing a more asset-linked debt than to but everything more Oh look here you IOUs.

“The non-interest-bearing debt opportunities should be explored as emerging markets tilt towards project equity financing.BDCs should not be referred to as parallel or unofficial markets, because they are officially licensed to trade”

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