Business

KWACCIMA faults FG’s inability to explore crude oil price increase

By JOHNMARK UKOKO

The Kwara State Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) has bemoaned the nation’s inability to take advantage of the present hike in international crude oil prices due to its constraints to meeting its production quota as a result of massive crude oil theft.

President of KWACCIMA, Olalekan Fatai Ayodimeji, stated this at a media briefing on the chamber’s planned Annual General Meeting (AGM) and conference of the Nigeria Associations of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) coming up in Ilorin, Kwara State between May 25, and May 27, 2022.

Ayodimeji noted that the constraints portend negative economic consequences for Nigeria, pointing out that the nation’s debt-driven economy showed that the current level of debt servicing and payment were high and becoming unsustainable.

He stressed that the debt to Gross Domestic Product (GDP) ratio, which stood at 34 per cent and debt revenue nearing 86 per cent, required proactive measures to increase the country’s revenue earnings.

While suggesting ways to address the challenges, he explained that the introduction of certificates of origin for crude oil exports to check oil theft, widening new taxes and deliberate reduction in government costs, would yield positive results, insisting that leveraging investments through Public-Private Partnerships (PPPs) and national assets register to know which assets could be sold to earn higher income, among others should be explored.

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On the closure of the nation’s borders, he appealed to the Federal Government to consider the opening of the Chikanda and Babara borders in Kwara and Nigeria states to promote trade along the corridors and promote economic activities in the areas due to the economic challenges facing the people.

He commended Governor AbdulRahman AbdulRazaq for maintaining a cordial relationship with the private sector and urged him to increase the provision of infrastructure for economic development of the state.

Ayodimeji urged the state government to create industrial parks in major cities of the state to facilitate the growth of industries and permanent trade fair grounds to showcase the state’s potential to attract investors, as well as create a forum for senior government officials to present plans and policies to business leaders on economic development.

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