Organised Private Sector (OPS) has called on the Federal Government to fast track full implementation of Industrial sector policies to support economic growth.
The Director General of Nigeria Employers Consultative Association (NECA), Adewale-Smatt Oyerinde who made the call on behalf of OPS said the private sector is looking forward to a deepened engagement with the sector at the level of policy formulation, implementation, monitoring and evaluation.
He said “Again, we are yet faced with another fuel subsidy removal challenge. A perennial situation that we are now so familiar with. It is quite alarming that while the arguments for the removal of subsidy over the years remained irrefutably compelling, successive administrations did not demonstrate the political will to do so and save the nation from irresponsible borrowing to fund crass inefficiency and corruption-ridden expenditure.
“The seeming lack of good governance, which ordinarily would have cushioned the effect of the short-term shock of the subsidy removal has made matters worse.”
Oyerinde further stated that though the call for palliatives and other short-term interventions are valid and necessary,, experiences over the years have shown that short-term solutions such as the provision of mass transit and cash transfers, as proposed with the US$800 million loan among others, are shallow and not sustainable.
“”Since 1999, several quick-fix efforts such as the sponsored mass transit, SURE-P and other initiated palliatives in response to fuel price upward adjustment failed. It is now clear that more sustainable interventions that the nation urgently needs to cushion the short-term effect of subsidy removal will take medium to long-term to materialize, including the urgent rehabilitation and transparent privatization of the local Refineries across the country.”
He affirmed that the subsidy removal could unlock over six trillion naira in revenue annually, which can be channeled into infrastructure development, etc.
“Reports have shown that less than three per cent of Nigerians (the super-rich), benefit from the subsidy regime. Efforts to provide immediate short-term palliatives should be fast-tracked in view of its urgency.
“Complete rehabilitation and transparent privatization of existing refineries: Government should urgently complete the rehabilitation of existing refineries to boost local production.’’
“Hence, our presence here today. The Bishops from Ibadan, Ondo, and others have come to see what we are doing and have expressed their appreciation.”
