The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has urged the federal government to exempt petroleum products from the newly introduced import ban.
This development comes as the Organized Private Sector and some government officials commend the initiative, highlighting its potential benefits for local manufacturers affected by the policy.
In a statement released in Abuja by the association’s National Public Relations Officer, Dr. Joseph Obele, the group emphasized the importance of ensuring uninterrupted fuel supply. The statement quoted its National President, Dr. Billy Gillis-Harry, who said: “Our primary concern is the availability and affordability of petroleum products in Nigeria to meet the daily consumption volume of over 46 million litres of petrol and other petroleum products. “We must ensure that our policies do not compromise energy security, as this could have far-reaching consequences for the economy and the well-being of Nigerians.”
Dr Gillis-Harry applauded President Tinubu for the bold step, but he cautioned that the new import policy must be carefully implemented to prevent potential economic shocks. The association warned that including petroleum products could disrupt supply and trigger price hikes, especially given the current limitations in local refining capacity.
PETROAN further advised that essential and sensitive products, such as petroleum products, pharmaceuticals, and other high demand consumer items should be exempted from the import ban or granted waivers to ensure their continuous availability.
The association explained that some of these products may not be readily available locally, or current domestic production levels may be insufficient to meet demand, resulting in shortages and price hikes.
It also highlighted other factors justifiable for continued importation, including lack of specialized technology or expertise locally; higher quality standards of imported goods; economies of scale favoring imports; and strategic or critical nature of certain products.
PETROAN pointed out that in countries like the United States, under the “America First” policy, governments have opted for targeted tariffs instead of outright import bans, allowing for flexibility and exemptions for critical goods.
Harry warned that the policy could worsen Nigerian inflationary pressures if not carefully managed. He emphasized the need for energy security as a national priority. The association also called for increased investment in local refining infrastructure and support for domestic industries to boost their competitiveness.
