The petroleum industry has been stated as flawed and over-regulated in its operation by the Lagos Chamber of Commerce Industry, Vanguardreported.
The LCCI expressed that the industry lacks clarity which in turn hampers growth and job creation.
The Department of Petroleum Resources has been criticised by the LCCI as they do not address fundamental issues.
Director General of the LCCI, Muda Yusuf, stated in a statement “the current model of managing the downstream petroleum sector is not sustainable.”
Yusuf further stated that there are deeper problems when it comes to petroleum products supply chain.
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