Lagos Chamber of Commerce advocates for petroleum sector reforms

The Lagos Chamber of Commerce and Industry (LCCI) is advocating for strategic reforms to strengthen Nigeria’s petroleum downstream sector and mitigate the impact of global energy price shocks on domestic consumers.

During a recent industry symposium, the LCCI Petroleum Downstream Group examined pathways for building a competitive and sustainable industry within a deregulated economy. Discussions focused on the role of petroleum and gas in driving economic recovery and the necessity of private-sector dialogue to address industry challenges.

To protect purchasing power and business competitiveness, the LCCI has urged the Federal Government to improve domestic crude supply to local refineries, strengthen refinery operations, and expand gas utilization. The chamber also recommended accelerating investment in alternative energy and implementing targeted social protection programs—such as food and transport assistance—for vulnerable households rather than relying on broad, expensive subsidies.