The Centre for the Promotion of Private Enterprise (CPPE) has commended the Federal Government’s decision to impose a 15 per cent import duty on refined petroleum products, describing it as a positive and corrective step toward reviving Nigeria’s domestic refining industry and promoting economic self-reliance.
The Director/CEO of CPPE, Muda Yusuf, in a policy brief on Sunday, said the tariff represented a pragmatic move to protect local refineries such as Dangote Refinery, the Nigerian National Petroleum Company Limited (NNPCL) refineries, and emerging modular refineries from unfair foreign competition.
According to Yusuf, “The 15 per cent import duty on refined petroleum products, petrol and diesel, is therefore a welcome development and a progressive and corrective measure.”
He explained that the modest level of protection would stimulate industrial expansion, conserve foreign exchange, create jobs, and promote macroeconomic stability.
CPPE recommended sustaining the 15 per cent import duty as part of a broader industrial strategy, expanding backward integration incentives in sectors like petrochemicals, steel, and agro-processing, and ensuring that protectionist measures remain performance-based and time-bound.
