Prime Business Africa
Vice President Yemi Osinbajo wants a review of the Nigerian Ports Authority (NPA) dues on petrol to reduce pressure on local prices.
Osinbajo made the call at a lecture in Abuja, on Monday while speaking on how to enhance effective synergy between oil and maritime sectors for greater value creation.
Join our WhatsApp ChannelRepresented by the Minister of State for Petroleum Resources, Chief Timipre Sylva, Osinbajo said that there was need for review of dues at the ports for ease of doing business.
“You will agree with me that the maritime sector remains pivotal to the oil and gas sector in our country.
“The issues bordering around regulation 2014 has been brought to my notice, the implementation of regulation, especially this time the country is coming out of the global oil crisis
“I, therefore, urge that you keep the implementation in view to a more suitable time for our economy .
“In the same vain, I call on the NAP to review as it relates to the price of the PMS. Mr President has given his approval for a downward review. This, we believe will further rejuvenate the pressure in the pump price of the white product,’’Osinbajo said.
He noted that insecurity was one major challenge with the maritime operations and commended NIMASA for facilities in place to check the situation.
“I am very happy with the facilities NIMASA have in place to tackle insecurity in the maritime sector, because if you want to really talk about reducing the cost of production in the oil and gas sector, you must touch security.
“Security is one of the main cost drivers in the industry and that is what we have been discussing (it). So, if they are going to tackle security in the maritime sector, they must work with the oil and gas sector.”
Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
