ENUGU, November 12 (Naija247news) — The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has commended the Federal Government’s bold decision to impose a 15% tax on imported petrol (PMS) and diesel, describing it as a strategic measure that will stimulate economic growth, protect local industries, and generate employment for Nigeria’s youth.
In a statement released on Wednesday, ECCIMA emphasized that Nigeria’s economy has long suffered from excessive import dependency, with over 80% of the nation’s consumption needs met through imports. The chamber highlighted that this import reliance continues to weaken the naira, particularly when products can be manufactured locally. By imposing higher tariffs on refined petroleum products that can be produced domestically, the government is taking a critical step toward revitalizing the nation’s industrial capacity.
“Excessive importation of finished goods continues to undermine the naira and stifle domestic production. This policy will create room for local industries to thrive and contribute meaningfully to national economic growth,” ECCIMA said.
Nigeria’s dependence on imported refined petroleum products dates back to the 1990s, coinciding with the country’s gradual economic decline. Since then, the Nigerian National Petroleum Company (NNPC) Limited has struggled to revive the nation’s three government-owned refineries, and indiscriminate issuance of fuel import licenses has deepened the country’s reliance on imports.
According to data from the Petroleum Products Pricing Regulatory Agency (PPPRA), Nigeria currently imports nearly 60% of its refined petroleum products, despite having the capacity to meet domestic demand through existing refineries and private sector investments. This dependence has contributed to chronic naira depreciation, higher import bills, and reduced foreign exchange reserves.
ECCIMA pointed out that leading economies like the United States and China actively discourage imports of goods that can be produced domestically, prioritizing local production to meet internal demand, boost exports, and strengthen the balance of trade.
“Nigeria must adopt similar policies to reduce reliance on imports, stabilize the naira, and create sustainable economic growth,” ECCIMA said.
The chamber stressed that the 15% import tax on PMS and diesel aligns with this global best practice, incentivizing local refining and encouraging investments in the sector
ECCIMA also lauded Alhaji Aliko Dangote, Chairman of the Dangote Group, for his visionary investment in the Dangote Petroleum Refinery, which currently produces approximately 650,000 barrels per day to meet domestic demand and generate foreign exchange.
The refinery’s planned expansion to 1.4 million barrels per day will not only reduce Nigeria’s dependence on imported fuel but also strengthen its capacity to export refined products, supporting the Federal Government’s broader “Nigeria First” economic policy.
“The Dangote Refinery demonstrates that Nigeria can meet local demand and create jobs while earning foreign exchange,” ECCIMA said.
The chamber highlighted the job creation potential of the new policy. By encouraging domestic refining, the government is expected to generate tens of thousands of direct jobs in refinery operations, transportation, and ancillary services, while indirectly supporting hundreds of thousands more in manufacturing, distribution, and logistics.
“Every naira spent on locally refined petroleum has a multiplier effect on the economy, creating employment, supporting SMEs, and reducing dependence on imports,” ECCIMA said.
“Removing bureaucratic bottlenecks in licensing will attract more investors, foster competition, and ensure adequate supply for both domestic and export markets,” ECCIMA said.
With effective implementation, ECCIMA believes Nigeria can emerge as a global leader in refined petroleum exports, particularly within West Africa and other African markets. The chamber emphasized that government policies protecting local production and encouraging private sector investment are essential for sustainable economic growth.
