The Nigeria Employers’ Consultative Association, NECA, has commended the Federal Government for introducing a 15 per cent import tariff on certain petroleum products, describing it as a timely and necessary measure to support local refining and strengthen domestic production.
The Director-General of NECA, Adewale-Smatt Oyerinde said the tariff represented a strategic step toward promoting local value addition, conserving foreign exchange, and advancing Nigeria’s industrialisation agenda.
According to him, the policy is also expected to reassure investors in the oil and gas sector of the government’s commitment to protecting local production.
“It is absurd for a country blessed with crude oil to spend so many years importing petrol and diesel. The comatose state of our four refineries can be partly attributed to the continuous importation of products that should be refined locally. The imposition of this tariff is not only timely but essential,” Oyerinde said.
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He added that the move, if effectively implemented, would help expedite economic recovery, promote local production, strengthen the naira, and attract much-needed investments in the energy sector.
“To fast-track economic recovery and energy sufficiency, the government must show commitment and confidence in local production. This policy, if sustained, will accelerate Nigeria’s path toward industrial growth and self-reliance,” he stated.
However, Oyerinde cautioned that for the tariff policy to succeed, the government must manage its implementation carefully to prevent price distortions or supply challenges.
He also stressed the need to address the “Naira-for-crude” arrangement to ensure a stable supply of crude to local refineries.
“The policy, if well executed, will revive the real sector, empower local manufacturers, and ensure Nigerians benefit from stable fuel prices while strengthening the domestic economy,” he added.
