The Nigeria Employers’ Consultative Association (NECA) has commended the Federal Government for the 15 per cent import tariff on specific petroleum products. The group recently described the measure as timely and key for safeguarding and encouraging local refining.
In a press statement released, NECA Director-General, Adewale-Smatt Oyerinde, disclosed how sad it is that a nation blessed with crude oil has spent so many years importing petrol and diesel.
According to him, the terrible state of the country’s four refineries can be partly blamed on ongoing imports of products that the abandoned refineries are capable of producing.
“The imposition of the tariff on imported fuel is not only timely but essential.
This policy is a significant step toward promoting local value addition, strengthening domestic refining capabilities, conserving foreign exchange, and advancing Nigeria’s industrialization plans,” he said.
Emphasizing the need to speed up economic recovery, strengthen the naira and attract new investors, Adewale noted that the government must display commitment and confidence in local production.
He concluded by saying that, if implemented effectively, the policy will fast-track Nigeria’s challenging journey toward energy sufficiency and economic development.
“Moreover, this initiative will assure genuine local manufacturers and investors in the oil and gas industry that the government is committed to supporting their investments with policies that protect them and ensure the sector’s sustained development.
This and other related issues must be addressed promptly to prevent the policy from becoming counterproductive. A policy designed to promote local refining and ensure regular supplies at the lowest possible price should not become a burden for Nigerians.
The task of promoting local production of goods, not only in the oil and gas sector, should be paramount and take priority in the government’s policy. This will also help the resuscitation of the real sector in the medium and long term,” he added.
