LCCI, MAN urge FG to review gas prices

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The President of the Lagos Chamber of Commerce and Industry (LCCI), Mr Babatunde Ruwase, has urged the Federal Government to review its pricing policy on gas to boost industrial and economic growth, Daily Trust reports.

He said that payment for gas in dollars by industrial users was not in tandem with government’s objectives of promoting industrialisation, economic diversification and job creation. He however, commended government’s efforts toward reducing debts owed to gas suppliers and power generating companies as well as the improvement of loading capacity of the transmission grid.

Dr Michael Adebayo, Chairman, Gas Users Group of Manufacturers Association of Nigeria (MAN), said that “dollarisation of gas has impeded the growth of the manufacturing sector and led to closure of some factories”. He also added; “The price of gas in Nigeria remains higher than the international price average at $2.5 compared to Nigeria’s $7.65 per standard cubic metre.”