Nigeria's downstream sector records $ 56 billion annual revenue

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Nigeria's downstream sector records to $ 56 billion in annual income, Mr. Abayomi Awobokun, Chief Executive Officer, Enyo Retail and Supply Limited, said.

Awobokun made this known at an interactive session with journalists on Wednesday in Lagos.

He said that the sector could boost the nation's revenue over $ 56 billion annually, if more investment could be encouraged.

Awobokun urged the Federal Government to encourage further investment in the downstream sector to unlock business potential in the oil and gas industry.

He also urged the government to look inward and ensure that challenges facing the sector were addressed.

The chief executive officer said that the market leader in the market is very weak.

He urged the government to do something about it in order to boost the nation's revenue drive.

Awobokun, on the uniqueness of the budding retail outlets, said that in the next five years, players in the downstream sector would change.

He said that many of the players in the sector would be growing up, adding, Nigeria could not build a strong downstream.

"That innovation is what Enyo has brought into the industry.

"We see existing downstream stations already slipping into being too comfortable and forgetting to come up with new ideas.

"We are not satisfied with our customers, we also want customers' satisfaction," Awobokun said.

He explained that Folawiyo Energy was a major partner in the company, alongside a foreign investor.

"Technologically driven innovations are already driving a profoundly positive change in almost all facets of our lives," he said.

Awobokun explained that Enyo's service innovations is the first to offer a loyalty scheme, being an opportunity to reward its loyal buyers.

"We want to use innovations and modern designs to our advantage, to grow business in the downstream sector.

"Enyo does not want to get involved in the business of importing products. We buy from those who sell and sell, "he said.

Awobokun listed some of the challenges in the downstream sector which investors should be aware of as well as negative stigma, supply shortage, distrust customers, congestion and poor road facilities.

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