‘Liberalise Oil Sector Before Subsidy Removal’

A Port Harcourt-based
businessman, Mr. Emeka Iwezor, has urged the Federal Government to liberalise the oil sector to allow prospective investors to build more refineries before the proposed oil subsidy removal.
Also, the Federal Government should set in motion mechanism for the diversification of the nation’s economy if it has good plans for the citizenry.
Speaking in an interview with The Tide, Mr.  Iwezor said that although the plan to remove petroleum subsidy was good but certain things that will cushion the effect on the people should be put on ground, such as more refineries to refine crude for both domestic and international needs.
According to him, “the level of poverty in the country is high so there is the urgent need to provide opportunities for liberal participation in the oil sector as a monopoly will be catastrophic”, pointing out that when there is competition in the sector there will be normal supply and cheaper price will be guaranteed.
“Where the oil sector cannot be regularised and liberalised, oil subsidy should remain as removal will be catastrophic”, he stressed, adding that the federal and state governments must focus on human capital agriculture, solid mineral and other resources development if they have good leadership qualities.
Iwezor, who is the Managing Director and Chief Executive of Emic Communications Company advised Nigerian leaders to borrow a leaf from developed nations who are self-sufficient economically, like Israel, China and others to develop the country’s trade and investment capacity.
“We need a lot to do and we need to develop our trading and marketing to be more viable and shift our interest from oil that will dry soon”, Iwezor said.

Shedie Okpara