By Victor Ahiuma-Young
ABUJA — The Nigeria Employers’ Consultative Association, NECA, has commended the Federal Government on the recently announced 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, who gave the commendation yesterday, said the tariff was a strategic step toward promoting local value addition, conserving foreign exchange, and advancing Nigeria’s industrialization plans.
According to him, the move is also expected to provide assurance to investors in the oil and gas sector that the government is committed 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 the four refineries in the country can be partly attributed to the ongoing importation of these products, which the refineries could produce. The imposition of the tariff on imported fuel is not only timely but essential.
“To expedite economic recovery, promote local production, strengthen the naira, and attract investors, the Government must demonstrate commitment and confidence in local production. If implemented effectively, this policy will accelerate Nigeria’s challenging journey toward energy sufficiency and economic development,’’ he said.
The NECA boss highlighted that for the tariff policy to succeed, the government must carefully manage its implementation to avoid price distortions or supply issues.
He stressed the importance of resolving the Naira-for-crude arrangement to ensure a consistent supply of crude to local refineries.
He said: “the policy, if well-executed, would support the resuscitation of the real sector, bolster local manufacturers, and ensure that Nigerians benefitted from stable fuel prices, while strengthening the domestic economy.”
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