By Tgnews Reporter
The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has thrown its full weight behind the Federal Government’s landmark 15% import duty on petrol and diesel, branding it a “bold and strategic” pillar of the “Nigeria First” policy that promises to ignite economic growth, safeguard local industries, and unlock thousands of jobs for the nation’s teeming youth.
The endorsement, issued on November 11, 2025, comes amid widespread acclaim for President Bola Tinubu’s approval of the tariff—formalized in a presidential memo dated October 21, 2025—aimed at shielding domestic refiners from a flood of cheaper imported fuel.
ECCIMA argues that the levy, applied to the full cost, insurance, and freight (CIF) value of imports, will finally stem the tide of Nigeria’s crippling fuel import dependency, which clocked N4 trillion in the first half of 2025 alone and has relentlessly eroded the naira’s value since the 1990s.
“ECCIMA has long warned that the naira cannot appreciate while over 80% of our needs are imported,” the chamber stated in a strongly worded communique.
“This tax is a critical step to protect and revitalize local industries by making it costlier to bring in finished goods we can produce at home. It’s not just policy—it’s a lifeline for economic sovereignty.”
The chamber traces Nigeria’s fuel woes to the era when the Nigerian National Petroleum Company (NNPC) Limited failed to resurrect the country’s three state-owned refineries, compounded by a lax licensing regime that flooded markets with imports.
ECCIMA draws parallels to global powerhouses like the United States and China, where protective tariffs have fortified domestic production, balanced trade, and fueled exports. “Nigeria must follow suit to engineer a sustainable turnaround,” it urged, positioning the duty as a catalyst to transform the country from a crude oil exporter to a refined products powerhouse.
At the heart of the praise is Alhaji Aliko Dangote, whose eponymous refinery in Lagos—already operational at 650,000 barrels per day—is hailed as a “visionary” antidote to import reliance. With plans to double capacity to 1.4 million barrels daily, the facility is not only quenching domestic thirst but also generating foreign exchange, ECCIMA noted.
The chamber called on the government to fast-track licenses for more indigenous refiners, slash bureaucratic red tape, and nurture competition to guarantee supply stability and export potential.
“With oil as our forex lifeline, empowering capable stakeholders to flip the script on refining will drive jobs, innovation, and prosperity,” ECCIMA emphasized. “We stand resolutely behind private sector drives and any measures that shield them—this policy could crown Nigeria a global refining leader.”
The federal move has sparked optimism across the energy sector, with the presidency describing the duty as “a bridge, not a burden” to local refining resurgence and moderated prices.
As Nigeria eyes broader fiscal reforms in 2026, ECCIMA’s rallying cry underscores a unified push: rally stakeholders, boost indigenous involvement, and harness this “Nigeria First” momentum for enduring national growth.
