The Nigeria Employers’ Consultative Association (NECA) has applauded the Federal Government’s 15 per cent import tariff on petrol and diesel, describing it as a necessary step to protect local refining and reduce dependence on foreign imports.
NECA Director-General, Adewale-Smatt Oyerinde, said it was unacceptable that a country rich in crude oil still relies heavily on imported fuel decades after establishing state refineries.
According to Oyerinde, the nation’s comatose refineries suffer partly because imported products continue to dominate the market.
He said the new tariff would support domestic value addition, conserve scarce foreign exchange, strengthen the local refining sector and advance Nigeria’s industrialisation agenda.
He stressed that effective implementation of the policy would quicken economic recovery, position Nigeria on the path to energy self-sufficiency and give the Naira much-needed stability by reducing pressure on FOREX for fuel imports.
Industry experts also welcomed the development, linking it to the planned expansion of Dangote Refinery’s capacity from 650,000 to 1.4 million barrels per day.
They noted that the move signals a major leap for Nigeria, enhancing self-sufficiency, boosting exports and improving affordability for citizens.
Economist Muda Yusuf and energy expert Ayodele Oni both described the refinery expansion as transformative, capable of creating jobs, stimulating technology growth and strengthening foreign reserves.
They however emphasised the need for active regulatory oversight to prevent monopolistic dominance.
Shareholders’ advocate Boniface Okezie added that Dangote’s ambition reflects strong investor confidence and increasing indigenous participation in large-scale industrial projects.