Import duty hailed as refineries get protection boost
An advocacy organization for business interests endorsed a 15 percent tariff on imported fuel as a strategy to strengthen local refineries and preserve currency reserves. The Centre for the Promotion of Private Enterprise described the levy as an appropriate intervention that could spur manufacturing growth and employment while reducing vulnerability to external economic pressures.
Chief Executive Muda Yusuf argued that deliberate trade barriers helped successful economies develop their manufacturing sectors before exposing them to international markets. He pointed to cement and flour production as examples where combined import charges above 70 percent encouraged domestic expansion. The group maintained that petroleum facilities such as the Dangote plant and government-operated installations need measured support to become viable alternatives to foreign supplies that have drained national reserves for two decades.
The organization recommended pairing the duty with financing programs and infrastructure improvements to prevent consumer price spikes. Yusuf cited Asian nations that built industrial strength through protective policies during early development phases before gradually opening to global competition. The center called for performance-based policies that transition to export readiness once domestic producers achieve scale and efficiency.
