Challenges of fuel importation are beyond us, Commercial banks declares

BANKERS Committee has said that the challenge of sourcing for fuel importation by oil marketers is beyond banks.

This was part of the resolution reached at the recently Bankers Committee meeting held in Lagos. The committee said that banks were not involved on the discussion between the Nigeria National Petroleum Corporation and International Oil Companies, on the arrangement to provide foreign exchange to independent oil marketers for fuel importation.

Acting Director, Corporate Communication Department, CBN, Mr. Isaac Okoroafor said that the issue of importation of fuel is the exclusive preserve of NNPC,” I wonder what you want banks to do there, If they are sourcing for forex, off course they don’t have to approach the banks to do so. That question should be thrown at the Minister for Petroleum.”

According to the MD/CEO of GTBank, Mr. Segun Agbaje, the Bankers Committee is of the opinion that foreign exchange situation calls for adjustment on the part of everybody.

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He said, “The reality on the ground is that we are coming from $115 per barrel oil price to somewhere around N37 per barrel. We all have to make adjustment. Our habits have to change a bit because we have less money to spend. As corporates, you have to invest in import substitution and develop things locally. We all have to grind now, and make sure we allocate the scarce foreign exchange we have now, to make the best out of it.

“What we have in Nigeria today is a supply problem. And the way you deal with a supply problem is first we have to cut back on demand p, we have to develop import substitution so that at some point you are able to meet the type of demand that you have. I am not sure there is any magic we can perform as a country other than get your supply to meet the type of demand that you have.”