Nigeria: Forex Scarcity Still Hampers Petrol Importation By Marketers allafrica.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from allafrica.com Daily Mail and Mail on Sunday newspapers.
Chief
Timipre Sylva, Minister of State for Petroleum Resources, disclosed this at the AfCFTA Oil and Gas Virtual Workshop, organised in collaboration with the Federal Ministry of Industry, Trade and Investment, under the theme: “
Nigeria – Africa’s Refining and Services Hub under the AfCFTA.”
Represented by Mr
Bitrus Nabasu, permanent secretary in the ministry, Sylva said Nigeria had ratified the AfCFTA, which would begin implementation in January 2021.
According to him, the AfCFTA aims to redefine trade relations within African states and proposes the creation of a central market for goods and services, enabling free movement of people and investments across Africa’s 54 countries.
Peter Uzoho
Marketers of petroleum products have said they are yet to go back to the importation business due to their inability to access foreign exchange.
According to them, sourcing dollars at the official market rate remains a challenge to them due to its scarcity, adding that they could not go to the black market in search of forex because of the cost implication.
This is happening months after the federal government said it had removed petrol subsidy, deregulated the downstream petroleum industry and had given private marketers permission to resume importation of petroleum products
The petroleum marketers including the Major Oil Marketers Association of Nigeria (MOMAN), the Independent Petroleum Marketers Association of Nigeria (IPMAN) and the Depot and Petroleum Products Marketers Association of Nigeria (DAPPMAN) have continued to depend on the Petroleum Products Marketing Company (PPMC), the petrol importing arm of the Nigerian National Petroleum Corporation (NNPC) for th
AfCFTA: Nigeria to become petroleum products refining hub – minister today.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from today.ng Daily Mail and Mail on Sunday newspapers.
Fuel Price: MOMAN, DAPPMAN want full deregulation, forex access
On
By Sebastine Obasi
Major Oil Marketers Association of Nigeria, MOMAN and Depot and Petroleum Products Marketers Association of Nigeria, DAPPMAN, last weekend, called for full deregulation and unfettered access to foreign exchange, FOREX, from the Central Bank of Nigeria to enable them petrol available to every nook and cranny of the country.
This is coming on the heels of the N5 per litre slash in the price of petrol scheduled to take effect from today, Monday, December 14, 2020.
Chairman DAPPMAN, Mrs. Winifred Akpani, said; “the inability to source FOREX from the official CBN FOREX window by independent marketers is continually hindering the effectiveness of the principles of demand and supply market forces to correct the current inefficiencies in the pricing mechanisms adopted in the deregulation process.”