NACCIMA, in a statement signed by its Public Relations Officer, Mr. Abiodun Awogbemi, pointed out that the scarcity of the essential petroleum products had for the past few months increased the cost of doing business in Nigeria.

In providing immediate solution to the problem, the association stated that LPFO (black oil) supply from Port Harcourt and Kaduna refineries should be restored as its scarcity has affected manufacturing capacity utilisation severely.

"There should be effective policing of Nigerian borders to checkmate the activities of bunkerers to ensure that available petroleum products are used for sustainable growth. Government should fast-track the gas pipeline project across the country to supply gas for power generation.

On what it regarded as short-term solution, NACCIMA urged government to hasten the full privatisation of the refineries, with a view to achieving effectiveness and efficiency in the sector.

The local manufacturers, NACCIMA stated, should be encouraged to utilise gas in their production, through appropriate incentives and price rebate to reduce the huge gas flaring in the country.

"The long-term solution is the utilisation of renewable energy resources for power generation such as solar, coal, wind and hydro.

"Nigeria, being in a tropical region, should encourage investment particularly in solar energy, to augment its electric power demand. Gas pipeline/supply should be extended to all industrial estates in the country", it added.

The association expressed worries over the worsening state of insecurity in Nigeria, especially in the South-South and South Eastern parts of Nigeria.

NACCIMA stated: "Government's efforts at combating this menace, through provision of modern operational equipment to its security agencies, though commendable, the state of insecurity in the country, especially in the South-South and South Eastern parts of Nigeria, still remain largely worrisome, especially with the trends in kidnapping, economic sabotage resulting in serious threat to lives and properties, as well as resurgence of armed banditry and robberies.

"These have remained great impediments to both local and foreign potential investors who are basically scared of the security situation in the country".

The association also frowned at the reversal of the sale of Kaduna and Port Harcourt Refineries, Ajaokuta Steel Company Limited, the NITEL, as well as the lifting of import ban on vegetable oil, which it said, has paralysed the local oil seed cake market that is vital for the feed-milling sector.

NACCIMA advised: "Government should build on a solid foundation already laid; a departure, for the first time in the nation's history from recent trends whereby incoming governments had cause to change the course, a habit that further compounded our developmental dilemma and made it quite difficult to build enduring institutions which would guarantee good governance and continuity of effective policies.

"From the economic perspective, the modest growth rates we have achieved must be sustained through the adoption of appropriate measures aimed at sustaining and increasing economic growth to reduce poverty and maximise social welfare.

"From the political perspective, there is a huge task of evolving a common national identity that will underpin the socio-economic and political integration of the polity".

The association also lamented the problem of port congestion, adding that it takes a minimum of frustrating 25 days to clear goods at the ports, contrary to not more than seven-day clearance period in neighbouring countries like Togo and Benin Republic.