A group, Women in Energy Network (WIEN), has called for the speedy delivery of the benefits of the downstream oil sector, especially to poor Nigerians.
The group made the call in a statement signed by its President, Funmi Ogbue.“We are excited at the enthusiasm of the new administration in carrying out urgent reforms in the critical sectors of the economy, this shows his preparedness and determination to steer the country into the paths of rapid recovery and accelerated growth,” she noted.
Ogbue however, said given the poverty level in the country and the strategic economic role of Premium Motor Spirit (PMS) in energizing homes and small businesses in the country, the polarisation of standpoints among stakeholders on the ongoing market reforms is understandable, normal and expected.
She stressed that the network considers the pains and shocks that would inevitably accompany the ongoing reforms in the market, especially with the fuel subsidy removal.
According to her, the network is convinced that the decision to permanently address the subsidy issue is well-intentioned to cause the much-canvassed reforms in the market.
“The emerging domestic fuel market is the expected result of over 20 years of strong advocacy mounted by all stakeholders in the economy to dismantle public sector monopoly and guarantee a broader opportunity for viable investments in providing the Nigerian business environment with wide-ranging fuel options for home, social and business application.
“Deregulation of market prices and liberalization of supply which are key prizes of the ongoing reforms will provide the highly needed congenial atmosphere for the implementation of stalled programmes aimed at availing the economy new energy choices like natural gas products for transportation, power generation and industrial application,” Ogbue said
Ogbue said the emerging commercial competitiveness in the market would undoubtedly spur local and international investments in the country’s Decade of Gas programme, boost the production of new energy forms and solidify Nigeria’s position in the global movement towards low-carbon energy.
She added that the overall economic benefits in terms of employment, patronage of local goods and services, and ancillary small and medium-scale business opportunities would far outweigh the poorly managed fuel subsidy, which has created more damage to the economy and caused more suffering to the people.
Deregulated and liberalized domestic fuel market would, according to her, save money for the government, enhance price competition, promote service efficiency, phase out perennial fuel scarcity and expand the capacity of the market to absorb more investments.
The group appealed to Nigerians to be calm and supportive towards the new administration as it sorts out strategies to deliver the best economic dividends from the country’s petroleum resources.
They also called on governments to put measures in place to urgently deliver the realizable social and economic dividends of the market reforms to alleviate the impacts on the people and hasten the market transition process, shortening the time for delivery of convincing quick wins to the people.
“We believe that deregulation and liberalisation are the only way forward for the domestic fuel market given the prevailing circumstances.
“The emerging market regulations must necessarily address grave concerns about discriminatory foreign exchange rates, creation of market supply oligopoly, huge demurrages at import reception ports, and barriers to new market entrants, especially women.
“With the new vista of commercial opportunities opening up in the domestic fuel market, we call on all capable ladies in the country to pick up the gauntlet and explore investments in the downstream petroleum industry. WIEN is convinced that more women in the industry will come with greater regulatory compliance, especially on health, safety and environment standards. Safety and forecourt standards are natural to us.
“We, therefore, see the ongoing market reforms as the first opportunity for the new administration of the Federal Government to launch off its gender diversity plans in the industry by easing entry processes for women seeking to participate in providing the economy variegated energy forms through the market,” she said.
