Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA) has criticised the Federal Government’s recent suspension of the proposed 15 per cent import duty on Premium Motor Spirit (PMS) and diesel imports.
The chamber warned that this policy reversal threatens Nigeria’s progress toward energy self-sufficiency and undermines investor confidence in the country’s oil refining sector.
Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) had announced that the tariff was no longer being considered, a decision that OGUNCCIMA’s President, Lion Niyi Oshiyemi, described as a setback for Nigeria’s economic reform agenda.
“The suspension of the 15 per cent fuel import tariff is disappointing. The policy was a vital step forward to bolster local refining efforts, reduce dependency on imported fuels, preserve precious foreign exchange, and create a fair competitive environment for domestic producers,” Oshiyemi said.
He stressed that reversing the tariff sends a negative message to investors who have been showing growing confidence in Nigeria’s energy sector, which could impede much-needed investments in refining infrastructure.
According to Oshiyemi, the tariff would have helped stabilise the Nigerian naira by reducing the enormous demand for foreign currency used to import fuel, adding that without such economic incentives, local refineries would struggle to compete with cheaper imported fuel, leaving the economy exposed to global market shocks and price volatility.
A crucial example highlighted by the OGUNCCIMA president is the Dangote Refinery, whose processing capacity alone can meet Nigeria’s domestic fuel needs and potentially export to neighbouring countries in Africa.
Oshiyemi argued that supporting such major local investments through protective policies like import tariffs is essential, not only for economic prudence but also to safeguard national interests.
He appealed to the Federal Government to reconsider the suspension and reintroduce the import duty following comprehensive consultations with stakeholders in the oil and gas industry.
Oshiyemi emphasised that sustainable industrial development requires policy stability, warning that frequent reversals discourage private sector participation and hinder long-term growth.
While acknowledging the government’s concerns about the short-term impact of the tariff on fuel prices, Oshiyemi reaffirmed that the long-term benefits, including job creation, savings on foreign exchange, and stronger energy security, far outweigh any temporary price fluctuations.
Oshiyemi concluded, “We believe in reforms that empower Nigerian investors and strengthen our productive base. The 15 per cent tariff was one such reform, and we urge the government to revisit it for the greater national good.”
#FuelTariffDebate #NigeriaEnergy #OGUNCCIMA #LocalRefining #EnergyIndependence
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