NECA Raises Concerns Over Impact Of Lingering Fuel Scarcity On Economy, Seeks FG’s Urgent Intervention

2 weeks ago
1 min read

The Nigeria Employers’ Consultative Association (NECA), has called on the Federal Government to urgently intervene and address the lingering fuel scarcity, expressing concerns that it has created a significant negative impact on the economy.

The Director General of NECA, Mr. Adewale-Smatt Oyerinde, said fuel scarcity has led to losses and increase in operational costs for businesses in the country.
Oyerinde further stated that the removal of subsidies on petrol supposed to have led to liberalisation of the market, enabling many operators to bring in the product and ensure adequate supply across the country.

“Like a sore that has refused to heal, the recurrent issue of fuel scarcity has reared up its ugly head again, notwithstanding the removal of fuel subsidy,” NECA DG stated.


“The fuel subsidy removal among other things was supposed to liberalise the market and ensure free flow of the product. The ongoing scarcity, with attendant loss of productive man hours as a result of endless hours spent at filling stations defies logic.

“The ongoing disruption of businesses across diverse sectors, escalating transportation and logistical bottlenecks has progressively led to increased operational costs.”

Oyerinde suggested strategic measures to solve the fuel shortage and strengthen organizational resilience, emphasizing the urgent need for concerted action.

To maximize fuel distribution and reduce supply chain interruptions, he urged increased cooperation between the Nigeria National Petroleum Company (NNPC), the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), petroleum merchants, and other stakeholders.

“Notwithstanding the recent assessments by the Nigeria National Petroleum Corporation (NNPC), and petroleum stakeholders, which identified   panic buying and unethical practices as primary contributors to the ongoing fuel crisis, there is the urgent need for coordinated action, proposing strategic interventions to address the fuel scarcity and fortify organizational resilience.

“We call for heightened collaboration among the Nigerian National Petroleum Corporation Limited (NNPCL), Nigerian Midstream and Downstream Petroleum Regulatory Authority, NMDPRA, petroleum marketers, and other stakeholders to optimize fuel distribution and mitigate supply chain disruptions.

Victor Ezeja is a passionate journalist with six years of experience writing on economy, politics and energy. He holds a Masters degree in Mass Communication.

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