In light of declining economic activity and productivity, the employers, acting through the Nigeria Employers' Consultative Association, or NECA, voiced their concerns over the ongoing lines for gas at the majority of the nation's gas stations.
Nigeria's oil industry, which accounts for approximately 90% of the country's foreign exchange earnings, has been a significant contributor to its economic growth. However, the benefits of this natural resource have not trickled down to the masses. The country's refineries operate below capacity, leading to a reliance on imported fuel to meet the demand.
In a statement provided to Opinion Nigeria and made public on the union's campus in Ile-Ife, Osun State, President Abbas Ojo urged the federal government to take quick action to resolve the problems.
Speaking on the recent development, Mr. Anthony Chiejina, Head of Communication, stated that the new pricing is consistent with the company's pledge to lessen the impact of Nigeria's economic difficulties.
Over the weekend, it was revealed that the parties have been meeting and exchanging notes with respect to pricing, distribution, and margins to value chain participants, such as insurers and transporters.