MAN Drums Support For Oil Sector Deregulation

The President of the Manufacturers Association of Nigeria (MAN), Chief Kola Jamodu, says the deregulation of the downstream sector of the petroleum industry will help to develop the economy.

Jamodu said this on Wednesday in Abuja in an interview with newsmen.

“In the last few years, our economy has been growing at an average of 7.5 per cent GDP, yet people are not feeling the impact of such growth. This means we have reached a point where we must restructure.’’

He said the policy would help to break the monopoly in the sector through the stimulation of positive competition among firms and the entire private sector.

Jamodu said the move would in turn fast track the development of the manufacturing industry and the Nigerian economy at large.

He urged Nigerians as well as the organised private sector to brace up for the challenges and see the policy as a necessary sacrifice for the good of the nation.

“I think it is a necessary sacrifice that will benefit all Nigerians sooner than later.

“We have looked at it from the stand point of manufacturing and one thing though is that once deregulation is in place, the whole system would be liberalised and whatever proceeds we get will be used to upgrade key infrastructure.”

He said that members of the organised private sector were still discussing with government on how best to pursue the policy.

The MAN boss decried the lack of infrastructure development, especially the epileptic power supply and bad roads in the country.

The renowned industrialist challenged government to come up with palliative measures and ensure that proceeds of deregulation were channelled to the development of the economy.