NECA Backs FG’s 15% Import Tariff On Petrol, Diesel, Says Policy Will Strengthen Naira, Boost Local Refining

The Nigeria Employers’ Consultative Association (NECA) has expressed support for the Federal Government’s 15 per cent import tariff on petrol and diesel, describing the policy as a step toward strengthening the Naira and encouraging domestic refining.
In a statement issued on Sunday in Abuja, NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, said the move would help protect local industries and attract investment into Nigeria’s oil and gas sector.
“It is absurd for a country blessed with crude oil to spend so many years importing petrol and diesel,” Oyerinde stated.
He attributed the comatose state of Nigeria’s four refineries partly to the continuous importation of products that should have been produced locally, stressing that the new tariff was “not only timely but essential.”
According to him, the measure would promote local value addition, enhance refining capacity, conserve foreign exchange, and advance the country’s industrialisation drive.
“If implemented effectively, this policy will accelerate Nigeria’s journey toward energy sufficiency and economic growth,” Oyerinde said.
He added that the tariff would also provide relief for the Naira by reducing foreign exchange demand for imported fuel, while assuring local manufacturers and investors that government policies are geared toward protecting and sustaining their investments.
However, Oyerinde urged the Federal Government to manage the policy prudently to prevent price distortions and unintended consequences.
“Government must establish clear parameters and manage the dynamics of the policy to avoid negative outcomes,” he cautioned.
He further advised that the Naira-for-crude arrangement be properly managed to ensure regular crude supply to local refiners, adding that a policy designed to promote local refining “should not become a hardship for Nigerians.”
Oyerinde also called on the government to prioritise broader policies that promote local production across all sectors of the economy.
“Promoting local production should remain a key focus of government policy to revive the real sector in the medium and long term,” he concluded.
The post NECA Backs FG’s 15% Import Tariff On Petrol, Diesel, Says Policy Will Strengthen Naira, Boost Local Refining appeared first on TheNigeriaLawyer.