The Nigeria Employers’ Consultative Association has endorsed the Federal Government’s plan to impose a 15 percent tariff on imported petroleum products. NECA Director General, Wale Smatt Oyerinde, said the policy would encourage domestic refining and reduce dependence on foreign imports.
Speaking to the press, he described the tariff as a ‘collective price’ for years of neglecting the country’s four refineries, noting that even advanced economies protect their industries through similar measures. Critics, however, warn the move could raise fuel costs.
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Oyerinde urged the government to extend such protectionist policies to manufacturing and other sectors, arguing that Nigeria must reduce import dependency. He said businesses should be given time to adapt but insisted that long-term industrial growth requires firm action to boost local production.
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