The President of LCCI, Mr. Babatunde Ruwase, told a news conference on Wednesday in Lagos that the Nigeria Ports Authority (NPA) was proposing $1 levy on every barrel of oil for export.
Speaking on the agenda for the incoming government, Ruwase disclosed that new levies are being proposed under the National Oil Spill Detection and Response Agency (NOSDRA) amendment bill as well as the Maritime University amendment bill.
The report by a local newspaper, the Vanguard on Thursday quoted Ruwase as saying that improvement in the regulatory environment in the oil and gas industry will unlock huge foreign direct investments in the sector, especially in gas and deep-water exploration.
He acknowledging that crude oil export is the country’s biggest foreign exchange earner, “ironically, the biggest foreign exchange expenditure is also on the importation of petroleum products”.
He called for the prioritization of local refining of petroleum products to ease the pressure on the nation’s foreign reserves.