Nigeria's Manufacturers Advocate for CNG and Naira-for-Crude to Curb Fuel Imports
The Manufacturers Association of Nigeria (MAN) proposes domestic strategies to tackle inflation, emphasizing the adoption of CNG for transport and optimizing the Naira-for-crude policy. These measures aim to enhance local economic stability and reduce reliance on imported fuels.
Theia Market Signal Identification - AI Assisted
The Manufacturers Association of Nigeria (MAN) advocates for the adoption of Compressed Natural Gas (CNG) for transport fleets and the optimization of the Naira-for-crude policy to combat inflation. MAN's Director-General, Segun Ajayi-Kadir, emphasizes that these measures are preferable to reopening borders for imported petrol, which could hinder Nigeria's industrialization.
He stresses the need to address supply-side constraints, including reducing the four percent FOB levy and improving access to low-interest credit for manufacturers. Kadir points out that selling crude oil in Naira to local refineries is crucial but must be executed effectively to maximize benefits.
Additionally, he urges the government to expedite the CNG Initiative with subsidies for fleet conversion, aiming to lower logistics costs and inflation. Investments in the national grid and renewable energy incentives are also highlighted to enhance energy sustainability.
Comments