Business

Fuel scarcity disrupting business activities in Nigeria – Abuja Chamber

Published

2 weeks ago

May 2, 2024

The Abuja Chamber of Commerce and Industry (ACCI) has stated that the ongoing fuel shortages are obstructing business operations in the country.

ACCI President, Emeka Obegolu, expressed this concern in a statement on Thursday, urging the Federal Government to quickly address the issue.

Obegolu noted that the shortages have led some unscrupulous individuals to hike fuel prices in various regions, resulting in increased costs for transportation and logistics.

He, however, expressed optimism that the soon-to-be-operational Dangote refinery, along with other new refineries, would put an end to this negative pattern and make Nigeria self-reliant and less dependent on imported fuel.

“The fuel shortage has made it more expensive for people and businesses to transport goods and conduct transactions, frustrating the ease of doing business.
“The current fuel scarcity is hurting businesses and hampering economic activities. We urge the government to address the root causes of this problem as a matter of priority,” he said.

The head of the Organised Private Sector in the Federal Capital Territory called on Nigeria National Petroleum Commission Limited (NNPCL) to expedite the distribution of petroleum products across the country.

According to him, the availability of the product will ease speculations and reduce the hardship Nigerians are facing due to the fuel shortage.

“ACCI as the leading voice of the private sector in FCT will continue to be at the forefront of advocating for policies and interventions that support the growth and development of businesses,” Obegolu said.

What you should know

Despite the assurances from NNPCL that fuel scarcity will be resolved on Wednesday, many Nigerians still struggle to purchase fuel as long queues continue to persist at petrol stations in the country.

Since the past week, fuel scarcity has continued to worsen in Lagos, Ogun State, Abuja, and some other parts of the country despite claims by the NNPC Limited that all issues have been resolved.

Nairametrics, for example, observed that in Lagos, fuel stations are selling petrol for as high as N850 to N900 per liter in locations such as Maryland, Ikeja, Agege, Iyana Ipaja, and other outskirts of Lagos.

In Abuja, Nairametrics observed long queues at filling stations along Abuja Airport Road, Lugbe, and Nasarawa-Abuja Road.

In addition, black marketers stand along the way, selling to wearied motorists for as high as N1,500/per liter.