Chamber tasks FG on crude supply to refineries

Franco Nigerian Chamber of Commerce and Industry (FNCCI) has said the issues around oil theft and other circumstances surrounding oil production need to be addressed, if the country must meet her energy needs at a sustainable cost.

The chamber said that to achieve this, there had to be local crude supply to the Port Harcourt and Dangote refineries respectively, thereby eliminating the price effect from FX harmonisation.

In a statement by the chamber in response to Nigerian Bureau of Statistics (NBS) Latest Gross Domestic Report (GDP) for Q2 2024, it stated that the GDP of any nation was a reflection of the size and an indicator on how the economy is performing, saying the figures would allow policy makers to have a feel of the economy and take necessary actions.

The chamber stated that from the non-oil sector, there was a noticeable decline in the contribution from the agricultural sector year-on-year. The sector contributed 18.54 per cent to Nigeria’s GDP, which was down from the 21.7 per cent witnessed in Q2 2023.

FNCCI stated that Nigeria’s current oil production for Q2 2024 experienced a quarter-on-quarter decline (1.41mbpd from 1.57mbpd) and called oil theft and other circumstances surrounding oil production needs to be addressed for the country to meet her energy needs at a sustainable cost.