Fuel Scarcity: Kwara Chamber of Commerce Calls for Government Intervention
Tunde Akanbi, Ilorin
The Kwara Chamber of Commerce, Industry, Mines and Agriculture (KWACCIMA) has appealed to the Federal Government of Nigeria, and President Muhammad Buhari, to make more efforts to ensure that the distribution and sales of premium motor spririt (fuel) is brought under control to minimize scarcity.
According to a statement signed by the association’s President, Mr. Fatai Ayodimeji, made available to Newsmen in Ilorin , the association also urged the Central Bank of Nigeria(CBN) to extend the deadline for the currency swap by one month, saying nano, micro and small enterprises, majority of whom are in the rural unbanked areas were having difficulties in changing their old notes to new ones.
He said businesses were groaning under the current situation adding that it had negative consequences on business and workers life.
“KWACCIMA observed with great concern the lingering price crisis rocking the distribution and sales of fuel in the country; the resolve of the Central Bank of Nigeria (CBN) not to extend the deadline for the return and exchange of old Naira notes to new; and the recent hike in the monetary interest rate from 16.5% to 17.5%.
“Considering the fact that the business operating environment in Nigeria is already charged as a result of some inflammatory factors such as skyrocketing foreign exchange rate, increased interest rates on bank lending, insecurity, irregular electricity supply, high price of petroleum products particularly diesel and other infrastructural deficit.
“KWACCIMA is appealing to President Muhammad Buhari, GCFR to upscale his efforts at ensuring that the situation in the distribution and sales of petrol is brought under control,” part of the statement reads.
The statement added that “the current efforts of the CBN on currency swap in the rural and market areas should have started long before now, extending the deadline by at least one month will calm frayed nerves and fears amongst our members in the informal, NMSME sectors.
In addition, it said the recent increase in CBN monetary rate apparently to check rising inflation, has a worrisome impact on businesses as this would lead to increase in banks interest rate to borrowers.
“KWACCIMA, as the voice of Kwara business community, thus strongly appeal to the Federal Government of Nigeria, the Central Bank of Nigeria and of course other stakeholders at all levels of government to please rise to the situation and urgently find a lasting solution to the identified problems so as to facilitate ease of doing business in Nigeria”, the statement added.
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