Businesses Lost N30bn To Fuel Crisis In One Month – ACCI President, Ejinkeonye

 Businesses Lost N30bn To Fuel Crisis In One Month – ACCI President, Ejinkeonye

Fuel-Scarcity2The President of the Abuja Chambers of Commerce and Industry, ACCI, Mr. Tony Ejinkeonye has revealed that Micro Small and Medium Enterprises, MSMEs, have recorded losses of N30bn in the last one month owing to the lingering fuel scarcity. According to Ejinkeonye, the continuous fuel scarcity is gradually grounding commercial activities to a halt. Ejinkeonye said, “Businesses, especially MSMEs have lost over N30 billion as a result of inadequate supply of petroleum products. Productivity is low as employ¬ees have stayed off work since the hike of fares by providers and when they come, they are always late. Businesses and the economy are being battered from all sides- forex, energy supply, infrastructure and security concerns. The list is endless.” But while addressing the Sen¬ate Committee on Petroleum (Downstream), Minister of State for Petroleum and Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Dr. Ibe Kachikwu, said the scarcity would be over on or before April 7, 2016. He, however, faulted the NNPC for not proffering meaningful solution to the issue of fuel scarcity over the years. Questioning the ban on sale of petrol in kegs, Ejinkeonye likened it to treating symptoms instead of addressing the issue. “The issue of unavailability of petroleum products and its importation portray our country in bad light. It portrays us as an incompetent manager of our re¬sources. NNPC from the com¬ments of its officials may have given up. We may seriously need to divest our refineries,” Ejinkeonye said

LTV

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