The Ogun State Chamber of Commerce, Industry, Mines and Agriculture (OGUNCCIMA) has commended President Bola Tinubu for approving a 15 percent tariff on fuel imports, describing it as a strategic policy that will revolutionize Nigeria’s energy sector and protect the country’s industrial interests.
In a statement issued in Abeokuta, the Chamber’s President, Lion Niyi Oshiyemi, said the new tariff is a major step toward achieving national energy self-sufficiency and supporting local refineries, especially the Dangote Refinery and other emerging modular refineries.
According to Oshiyemi, the policy demonstrates Tinubu’s strong commitment to promoting domestic production and reducing the nation’s over-dependence on imported petroleum products.
“This is a well-thought-out move that shows the President’s determination to protect local investments, stimulate industrial growth, and ensure long-term energy stability.
The policy will strengthen the operations of the Dangote Refinery and encourage others to invest in Nigeria’s refining sector,” he said.
He added that the tariff would help conserve foreign exchange, stabilize the naira, and create a level playing field for domestic producers who have invested heavily in refining infrastructure.
“By discouraging fuel importation, Nigeria will save billions in foreign exchange and redirect such resources toward economic development and industrial expansion,” Oshiyemi stated.
The OGUNCCIMA President also noted that the Chamber had consistently advocated for policies that protect local industries from unfair competition. He said the introduction of the tariff aligns perfectly with the Chamber’s position on promoting local content and industrial competitiveness.
While acknowledging that the policy might cause a slight increase in fuel prices in the short term, Oshiyemi emphasized that the long-term benefits far outweigh any temporary discomfort.
“We expect that, in time, local refining capacity will increase, supply will stabilize, and Nigerians will enjoy lower fuel prices produced within our borders,” he said.
He further urged the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to ensure smooth implementation and periodic review of the policy, stressing that consistent enforcement would ensure its success and sustainability.
Oshiyemi concluded by reaffirming OGUNCCIMA’s readiness to work with the Federal Government and private sector players to drive investment in the energy sector.
“This policy is a bold step in the right direction. It will create jobs, build investor confidence, and position Nigeria as a refining hub in Africa. We commend President Tinubu for this forward-looking decision,” he said.
