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The 15% Import Duty On Petroleum Products Is Good For Nigeria
By: Shehu Bashir Esq.
There is a Yoruba adage that says “akini oko nle, kafi owo ko imi”. Meaning, you cannot have a hoe and still be packing the faeces with your hands. This expression is so applicable to what the federal government just did by introducing a 15% ad-valorem import duty on petroleum products, especially PMS and AGO.
The 15% import duty as recently imposed by the federal government is one of the best policies of Tinubu administration. We have all been clamouring for something like this.
Infact, the 15% duty is even the least “restrictive” measure the President can impose to protect domestic investment, in the next months, Nigerians will expect a total revocation of all import licenses issued to importers of petroleum products.
At this critical time in our life as a nation, we need to grow local production, encourage exports and reduce importation to the bearest minimum.
Nigeria’s greatness is more assured when we invest a lot in domestic production, in science, technology, manufacturing, agriculture, health, oil and gas, etc. There is almost nothing we cannot achieve in domestic production if the right policy is put in place with strict implementation. We have human, material and natural resources to aid such aspirations.
More so, oil and gas is critical to our greater national development, we can’t abandon its management to haphazardness.
It must be emphasized that this policy is not a punitive measure, the thinking behind it is what a progressive government will do. It will not necessarily increase the price of the petroleum products, rather, it will lower it.
It has now made it necessary (optional) for the petroleum dealers (importers) to patronize local producers or face tougher competition. If they must import, with the tarrif in place, they must know that Nigerians now have an option to buy from a local producers which may be lower in price and better in quality.
Aside the price variation and likely increased competition, this will also help in quality control and standardization. The era of importation of adulterated products is gradually fizzling out. The system is now taking charge in full monitoring of compliance in transactions around the business.
Let it be stated clearly that Local refinery licenses were not issued for constructed edifice to go moribund, they were issued so that we can develop our production and reduce dependence on foreign imports.
We have seen a world class refinery of Dangote already in operation and nothing less than five other modular refineries springing up, with the BUA almost nearing completion. We are entering a new era of renewed production already.
For the myopic, their focus may be on Dangote. Dangote is not the only refinery license that was issued, there are several other refineries that are still coming up. This policy applies to all of them. If you call it aiding of monopoly or protectionism, so be it.
If we can’t protect our local industries, what should we protect? Should we kill our local industries to boost another country’s economy?
All the import scavengers and avengers should think better and consider partnering with local refineries so that some of their facilities, like the farm tanks can be used by these refineries as storage.
They have gotten nothing to lose. But if they insist on sabotaging our renewed growing local economy, by insisting on continuous importation of petroleum products or sabotaging of the existing or incoming local refineries, the loss will be for them.
If you are a good citizen of Nigeria or a friend of Nigeria, you should never hate or criticize what is good for Nigeria. This new policy is very good for Nigeria and we must all applaud and support it. Let us embrace it to grow Nigeria.
GOD IS HERE
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