The Centre for the Promotion of Private Enterprise has expressed support for President Bola Ahmed Tinubu’s newly approved 15% import duty on petrol and diesel.
In a statement signed by its Chief Executive Officer, Dr. Muda Yusuf, the Centre for the Promotion of Private Enterprise described the newly approved tariff as a strategic and future-driven move designed to safeguard domestic refining investments, including those of Dangote, the Nigerian National Petroleum Company Limited, and emerging modular refineries.
The organisation noted that the introduction of a 15 per cent import duty on refined petroleum products is a welcome policy decision, particularly when implemented alongside comprehensive measures to strengthen the nation’s industrial capacity.
The economic think tank noted that Nigeria’s heavy dependence on imports has undermined its productive capacity, weakened competitiveness, and made the economy vulnerable to external shocks.
“It is expected that this modest protection will offer crucial policy support to domestic refineries—including Dangote Refinery, NNPCL refineries, and emerging modular refineries—helping them flourish, boosting Nigeria’s refining capacity, and lowering foreign exchange exposure,” the statement added.
The 15 per cent tariff on refined petroleum products represents a forward-looking policy with the potential to reshape Nigeria’s industrial landscape, especially if paired with complementary reforms.
“This initiative extends beyond any single refinery; it is a comprehensive strategy designed to support all current and future domestic investors in the refining sector and related industries.
“When implemented pragmatically, protectionism is not about isolating the country but about strengthening domestic capabilities to compete globally. The aim is to position Nigeria to engage the world from a place of strength, not to shut it out,” he explained.
Last week, President Tinubu approved a 15 per cent import duty on petrol and diesel, a policy that has since generated mixed reactions