ECOWAS ECONOMIC STRATEGIST DECLARES: Tinubu’s Fuel Reform Has Finally Given Nigeria Economic Independence

By

Olabode Opeseitan

Nigeria gained political independence in 1960 — but for over six decades, it has struggled to achieve economic independence due to chronic import dependency.

Now, according to Professor Ken Ife, a Professor of Economics and ECOWAS Chief Economic Strategist, President Bola Tinubu has changed that trajectory.

In a recent TVC News interview, Professor Ife hailed Tinubu’s newly approved 15% import tariff on petrol and diesel as “the most consequential reform since independence.”

For decades, Nigeria exported crude and imported refined fuel — exporting jobs and importing poverty.

“We captured only 10% of the value chain and borrowed to buy back what we should have produced,” Ife explained. “The new tariff flips that script.”

KEY REFORMS TAKING SHAPE

Price Stability:

Dangote Refinery has pledged stable fuel prices through year-end, backed by domestic crude obligations and a N1.3 trillion infrastructure rollout — a move that dispels fears of monopoly or price manipulation.

Local Production Surge:

Nigeria now refines about 45 million litres of petrol daily, though bureaucratic hurdles limit domestic absorption to 20 million.

Emerging Players:

New entrants such as BUA Refinery are expected to expand national refining capacity, strengthening competition and supply security.

WHY IT MATTERS

If sustained, this reform could reshape Nigeria’s economic architecture by boosting:

• Fiscal Resilience — easing foreign exchange pressure as imports shrink.

• Investor Confidence — clear cost recovery will attract long-term capital.

• Industrial Growth — petrochemicals, logistics, and manufacturing will thrive.

• Economic Sovereignty — Nigeria will finally control its fuel destiny, insulated from global shocks.

“Tariffs aren’t punishment,” Ife said. “They’re protection for national development.”

Tinubu’s fuel reform may well mark the moment Nigeria truly gained economic independence.

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