LCCI Urges Government to Boost Local Crude Production

The Lagos Chamber of Commerce and Industry (LCCI), represented by Director General Dr. Chinyere Almona, has called on the Nigerian government to take proactive measures to boost crude oil production.

This initiative aims to ensure sufficient supply for local refineries, particularly the Dangote refinery, in light of rising crude oil prices in the global market. The LCCI emphasizes the need for the Nigerian National Petroleum Company Limited (NNPCL) to enforce domestic crude supply obligations as stipulated in the Petroleum Industry Act, ensuring a consistent allocation of 300,000 barrels per day to local refineries.

Almona also highlighted the importance of implementing a transparent pricing framework to reduce foreign exchange exposure and lower product costs. She pointed out that current oil price shocks are testing Nigeria's energy economy and that sustainable fuel price moderation cannot be achieved without structural reforms.

The LCCI expects the government to work towards a holistic restructuring of the oil and gas sector to position Nigeria as an alternative oil supplier in Africa.