The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has hailed the decision of the Federal Government to impose a 15% tax on imported petrol and diesel.
The chamber gave the commendation in a statement on Tuesday in Enugu by its President, Sir Odeiga Jideonwo.
According to him, the chamber considers this a step in the right direction—one that will not only help grow the economy but also encourage local production and create more employment opportunities for our teeming youths.
He said that ECCIMA had consistently maintained that the naira cannot appreciate if more than 80 per cent of the country’s needs remained import-dependent.
“The excessive importation of finished goods continues to weaken the value of the naira, particularly when such goods can be produced locally.
“We believe that imposing higher tariffs on imported products that can be manufactured within Nigeria will help protect and revitalize local industries,” he said.
The president recalled that the importation of refined petroleum products into Nigeria dated back to the 1990s, marking the beginning of a gradual economic decline.
This, he noted, had continued to depreciate the country’s naira, stressing the inability of the Nigerian National Petroleum Company (NNPC) Limited to revive the three refineries owned by the Federal Government.
“This is coupled with the indiscriminate issuance of fuel importation licenses which has significantly worsened our economic challenges that have proven difficult to overcome.
“Countries such as the United States of America and China have maintained strict policies discouraging the importation of goods that can be produced locally.
“These nations support indigenous industries to meet 100 per cent of domestic needs and also to export,” Jideonwo said.
He explained that satisfying local demand through local production strengthens a country’s balance of trade, disclosing that any government that seeks real change must adopt policies that support domestic industries.
“This is as seen in the economic strategies of leaders like the U.S. President Donald Trump.
“We commend the Chairman of the Dangote Group, Alhaji Aliko Dangote, for his visionary and determined efforts to restore Nigeria’s reputation in refined petroleum production through his investment in the Dangote Petroleum Refinery.
“The refinery is already meeting domestic needs while earning foreign exchange for Nigeria. More investments of this nature are crucial to saving and strengthening our economy.”
According to him, the planned expansion of the refinery’s capacity from 650,000 barrels per day to 1.4 million barrels per day will ensure adequate supply for national consumption.
Jideonwo calls for the issuance of more licenses to indigenous companies to establish refineries in Nigeria since oil remained the nation’s major source of foreign earnings.
He highlighted that players in the sector who demonstrate the capacity to transform Nigeria from a net exporter of crude oil to a net exporter of refined petroleum products should be actively supported by the government and other stakeholders.
“The Federal Government should also eliminate bureaucratic bottlenecks that hinder local investors in obtaining refinery licenses. Such reforms will encourage more investors to join the industry, enhance competition, and ensure sufficient supply of petroleum products for both domestic and export markets
“Nigeria can indeed become a global leader and the largest exporter of refined petroleum products if this policy is properly implemented. ECCIMA fully supports every private sector initiative aimed at reviving local refining of our God-given crude oil.
“Accordingly, we endorse any government policy that protects and promotes such private sector efforts.
“We therefore urge all stakeholders to support this policy, while calling on the government to allow more indigenous investors into the refining sector for the sustainable growth of the national economy,” Jideonwo appealed.
