The presidency has said that the recently approved 15 per cent import duty on petrol and diesel will make imported products less competitive and encourage local refining.
Special Adviser to the President on Media and Public Communication, Sunday Dare, said this in a statement, on Friday.
According to him, the policy will also boost domestic capacity and ensure that Nigeria’s oil wealth translates directly into national prosperity.
Dare stated that this will reverse the disturbing trend of Nigeria’s heavy reliance on imported petroleum products despite being a leading crude oil producer and conserve foreign exchange.
The presidential spokesman noted that with this policy, the federal government is shifting the market to favour local refineries such as Dangote and other modular plants.
He pointed out that the increase in local refining and supply will help in the moderation of prices as well as expand jobs, investment and industrial activity.
Dare said, ‘’It’s no longer news that President Bola Ahmed Tinubu has approved a 15 per cent import duty on petrol and diesel — a bold and strategic move aimed at reshaping Nigeria’s energy landscape.
‘’For years, the nation has depended heavily on imported fuel despite being a leading crude oil producer, draining foreign exchange and exporting jobs that should have been created at home.
‘’This new policy is designed to reverse that trend by encouraging local refining, boosting domestic capacity, and ensuring that Nigeria’s oil wealth translates directly into national prosperity.
‘’By making imported fuel less competitive, government is tilting the market in favour of local refineries such as Dangote and other modular plants, laying the groundwork for a self-sustaining and resilient energy sector.
‘’As local refining ramps up and supply strengthens, prices are expected to moderate while jobs, investment, and industrial activity expand.
‘’This policy is therefore not a burden, but a bridge — from dependence to independence, from vulnerability to strength.’’
President Bola Tinubu recently approved a 15 per cent import duty on diesel and petrol
