The Centre for the Promotion of Private Enterprise has backed President Bola Ahmed Tinubu’s recently approved 15 per cent import duty on petrol and diesel.
In a statement by CPPE Chief Executive Officer, Dr Muda Yusuf, the new tariff is a forward-looking policy aimed at protecting the country’s local refineries such as Dangote, Nigerian National Petroleum Company and other modular refineries.
According to CPPE, a 15 per cent import duty on refined petroleum products represents a positive policy proposition when complemented with broader industrial support measures.
The economic think tank said Nigeria’s over-reliance on imports has weakened the country’s productive base, eroded competitiveness, and exposed the economy to external shocks.
“This modest protection will provide the policy support needed for domestic refineries such as Dangote Refinery, NNPCL refineries, and emerging modular refineries to thrive, restore Nigeria’s refining capacity, and reduce foreign exchange exposure.
“The 15 per cent tariff on refined petroleum products is a forward-looking policy that can transform Nigeria’s industrial landscape if reinforced with complementary reforms.
“This is not merely about a single refinery—it is a sector-wide proposition that supports all current and future domestic investors in refining and related industries.
“Protectionism, when pragmatic and disciplined, is not about closing borders. It is about building domestic strength for global competitiveness. The goal is not to shut out the world but to empower Nigeria to engage it from a position of strength,” he stated.
Recall that last week President Tinubu approved a 15 per cent import duty on petrol and diesel.
The policy has attracted mixed reactions since its announcement.
