TINUBU’S 15% IMPORT DUTY ON PETROL AND DIESEL: A STRATEGIC MOVE TO BOOST LOCAL REFINING
Abuja, Nigeria – President Bola Ahmed Tinubu has approved a 15% import duty on petrol and diesel, a bold move aimed at reshaping Nigeria’s energy landscape and promoting local refining, according to Sunday Dare, Special Adviser to the President on Media and Public Communications.
The policy is designed to reduce Nigeria’s dependence on imported fuel, create jobs, and boost domestic capacity. By making imported fuel less competitive, the government is encouraging local refineries, such as Dangote, to increase production and meet domestic demand.
This move is expected to have a positive impact on the economy, creating jobs, stimulating investment, and promoting industrial activity. As local refining increases, prices are expected to moderate, benefiting Nigerian consumers.
The 15% import duty is seen as a strategic move to transform Nigeria’s energy sector, from dependence on imported fuel to self-sufficiency and strength. It is a bridge to a more resilient and sustainable energy future for Nigeria.
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