ECCIMA Applauds FG’s “Nigeria First” Coverage, says 15% Import Tax on PMS and Diesel Will Enhance Jobs and Financial Progress

The Enugu Chamber of Commerce, Trade, Mines and Agriculture (ECCIMA) has recommended the Federal Authorities’s determination to impose a 15% tax on imported petrol and diesel, describing it as a daring and strategic transfer that may stimulate financial development, encourage native manufacturing, and create employment alternatives for Nigeria’s rising youth inhabitants.

ECCIMA has lengthy maintained that the naira can not admire whereas over 80% of the nation’s wants stay import dependent. Extreme importation of completed items continues to weaken the foreign money, particularly when these items may be produced regionally. By imposing larger tariffs on merchandise that may be manufactured inside Nigeria, the federal government is taking a vital step towards defending and revitalizing native industries.

The importation of refined petroleum merchandise dates to the Nineties—a interval that marked the start of Nigeria’s gradual financial decline. Since then, the naira has persistently been depreciated. The shortcoming of the Nigerian Nationwide Petroleum Firm (NNPC) Restricted to revive the nation’s three government-owned refineries, coupled with indiscriminate issuance of gasoline import licenses, has deepened these financial challenges.

Globally, main economies similar to the US and China have adopted strict insurance policies to discourage the importation of products that may be produced regionally. These nations prioritize home manufacturing to satisfy inner demand and drive exports, thereby strengthening their steadiness of commerce. Nigeria should embrace related methods to realize sustainable financial transformation.

ECCIMA additionally commends Alhaji Aliko Dangote, Chairman of the Dangote Group, for his visionary funding within the Dangote Petroleum Refinery—a challenge that’s already assembly home wants and incomes international alternate for Nigeria. The deliberate growth of the refinery’s capability from 650,000 barrels per day to 1.4 million barrels per day additional reinforces confidence that Nigeria can meet its native demand and scale back reliance on imports.

To enrich this coverage, ECCIMA urges the Federal Authorities to situation extra licenses to indigenous firms for refinery improvement. Oil stays Nigeria’s major supply of international earnings, and stakeholders with the capability to rework the nation from a internet exporter of crude oil to a internet exporter of refined merchandise ought to obtain full authorities help. Eliminating bureaucratic bottlenecks in licensing will appeal to extra traders, foster competitors, and guarantee sufficient provide for each home and export markets.

Nigeria has the potential to turn into a worldwide chief in refined petroleum exports if this coverage is successfully applied. ECCIMA absolutely helps non-public sector initiatives geared toward reviving native refining and endorses any authorities coverage that protects and promotes such efforts. We name on all stakeholders to rally behind this coverage and encourage larger indigenous participation within the refining sector for the sustainable development of our nationwide financial system.