OGUNCCIMA Decries Suspension of 15% Gasoline Tariff, Warns of Impression on Investor Confidence in Vitality Sector

Ogun State Chamber of Commerce, Trade, Mines and Agriculture (OGUNCCIMA) has faulted the Federal Authorities’s resolution to droop the proposed implementation of the 15 p.c import responsibility on Premium Motor Spirit (PMS) and diesel imports, saying the transfer may decelerate the nation’s progress towards power independence and weaken investor confidence within the refining sector.

Reacting to the announcement by the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) that the tariff was “not in view,” OGUNCCIMA’s President, Lion Niyi Oshiyemi, described the suspension as a setback to Nigeria’s financial reform drive and a missed alternative to guard native refiners, significantly the Dangote Refinery and different modular refining initiatives.

In accordance with him, “The suspension of the 15 p.c gasoline import tariff is disappointing. The coverage was a step in the fitting course to advertise native refining, cut back dependence on imports, preserve international change, and create a good aggressive atmosphere for home producers.”

“Its reversal sends a fallacious sign to traders who’ve proven confidence in Nigeria’s power sector.”

Oshiyemi defined that the tariff would have helped to stabilize the naira by curbing extreme demand for international change utilized in gasoline importation.

He added that native refineries want agency coverage backing to thrive, warning that steady reliance on imported gasoline would make the financial system susceptible to exterior shocks.

“The Dangote Refinery alone has the capability to fulfill Nigeria’s home gasoline wants and even export to different African nations. Supporting such investments with protecting insurance policies just like the import tariff isn’t just financial frequent sense; it’s a matter of nationwide curiosity,” he acknowledged.

The OGUNCCIMA President urged the Federal Authorities to rethink its resolution and reintroduce the coverage after consultations with key stakeholders within the oil and gasoline business.

He emphasised that sustainable industrial development requires consistency in coverage course, noting that frequent coverage reversals discourage personal sector participation and hinder long-term improvement.

Whereas acknowledging the federal government’s concern about potential short-term value will increase, Oshiyemi maintained that the long-term beneficial properties together with job creation, foreign exchange financial savings, and elevated power safety far outweigh any momentary inconvenience.

He reaffirmed OGUNCCIMA’s dedication to advocating insurance policies that defend native industries and promote financial diversification.

“We consider in reforms that empower Nigerian traders and strengthen our productive base. The 15 p.c tariff was one in every of such reforms, and we urge the federal government to revisit it within the nationwide curiosity,” he mentioned.