Jonathan Must Halt The Imminent Collapse Of The Economy, Lagos Chamber of Commerce Warns

The has noted with concern the current energy crisis facing the country, which it describes as unprecedented.

In a statement signed by its , , the LCCI called on President Goodluck Johnathan to bring a halt to the imminent collapse of economic and social life in the country.

Bello said, “There should be an immediate engagement of stakeholders in the petroleum industry to discuss the outstanding issues of indebtedness and related labour matters in the interest of the economy and the citizens.

“The situation should not be allowed to degenerate any further.

“The Chamber urges the incoming administration to immediately deregulate the oil and gas downstream sector on assumption of office in order to provide an enduring solution to the recurring problem of petroleum products’ scarcity, corruption inherent in the subsidy regime, the collapse of refineries, lack of investment in the downstream sector, loss of jobs and so on.

“Options available to the incoming administration in this matter are very limited.

“The current regime of subsidy and government’s direct involvement in the operations of oil and gas sector should be discontinued.

“Government needs to get out of the way, so that the sector and the economy as a whole can make progress. This will pave the way for the restoration of normalcy in the sector and attract private capital, boost investments and create jobs,” he said.

Similarly, a Global System of Mobile communications provider, Airtel Networks Limited, said in a statement that its commitments to delivering best-in-class quality of service and seamless telephony experience to all Nigerians was being affected by its inability to procure diesel for its base stations.

The company stated, “While we are currently doing everything within our means as well as going the extra mile to ensure that all our base stations and switches are up and running, it is sad to note that it is becoming increasingly difficult to replenish current stock of diesel due to the lingering scarcity of the product.

“We are also concerned that, if the situation persists, it may have adverse effects on our network, impacting both voice and data services.”

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