The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has applauded the Federal Government’s decision to introduce a 15 per cent tax on imported petrol and diesel, describing it as a forward-thinking policy that could transform Nigeria’s economy.
The chamber’s President, Sir Odeiga Jideonwo, expressed this in a statement issued on Tuesday in Enugu.
He noted that the measure would stimulate industrial growth, promote local production, and create job opportunities for Nigeria’s growing youth population.
According to the statement obtained by The News Chronicle, ECCIMA has always maintained that the value of the naira will continue to struggle as long as the nation remains overly dependent on imports for its basic needs.
“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.
He recalled that the trend of importing refined petroleum products dates back to the 1990s, a development he said marked the beginning of the country’s economic fragility.
He lamented the inability of the Nigerian National Petroleum Company (NNPC) Limited to rehabilitate the nation’s three government-owned refineries.
“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,” he added.
Jideonwo further explained that local production remains the bedrock of a healthy economy as it strengthens a nation’s balance of trade. He urged the government to pursue policies that genuinely support domestic manufacturing, citing economic models employed by leaders like former U.S. President Donald Trump.
He lauded the Chairman of the Dangote Group, Alhaji Aliko Dangote, for his bold investment in the Dangote Petroleum Refinery, which, he said, is already meeting domestic demand while generating foreign exchange for Nigeria. He commended the planned expansion of the refinery’s capacity from 650,000 barrels per day to 1.4 million, describing it as a major boost to Nigeria’s energy independence.
The ECCIMA president called for more licenses to be issued to indigenous investors to establish refineries across the country, emphasizing that oil remained Nigeria’s major source of foreign revenue.
He stressed that entrepreneurs with proven capacity to transform the nation into a net exporter of refined petroleum products should receive full government backing.
“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.
