Why MAN support 15% import tariff on petrol and diesel

 










By allcitynews.ng 


Real reason why Manufacturers Association of Nigeria is agreement with 15% import tariff on petrol and diesel is because it will be a step towards strengthening local content and the patronage of Made-in-Nigeria products.

The Manufacturers Association of Nigeria (MAN) commends the Federal Government for its recent approval of a 15% import tariff on petrol and diesel. We recognise this as a strategic step and patriotic policy that aligns with the Nigeria First agenda and MAN’s long-standing advocacy for local content development and patronage of Made-in-Nigeria. It is heartening that this is coming less than one Month after the 53rd AGM of MAN with the theme: Nigeria First: Prioritizing Patronage of Made in Nigeria Products.

 
This strategic policy has reassured domestic manufacturers that  Government is attentive to the imperatives of growing indigenous manufacturing. It exemplifies governments commitment to halting the perennial bleeding of our patrimony; asserting the sovereignty of the great country; guaranteeing energy sufficiency and security, and improving the overall wellbeing of Nigerians in this regards. This is a sure step in the promotion of local value addition, strengthening domestic refining capacity, conserving foreign exchange, and advancing Nigeria’s long-term industrialisation objectives.


According to  the Director General of MAN, Segun Ajayi-Kadir "MAN’s Position is  unfettered implementation of the domestic supply of crude and enshrined in the PIA. This will ensure the Naira for crude arrangement that will ensure effective and reliable supply of crude to the local refineries and reduce the pressure on our scarce foreign exhange. It will also attract more investors, including the holders of the 30 refininery licenses to commit resources in the sector.

"There is no better path to fixing Nigeria’s economy than protecting local industries, encouraging local patronage, fostering value addition, and promoting industrial development anchored on local content."


Moreover, he said, "Nigeria is blessed with enormous oil resources. Unfortunately, scarce forex in billions of dollars is still being spent on importing refined petroleum. Supporting local refining capacity through appropriate policy tools will conserve scarce foreign exchange, improve the stability of the  Naira, and foster a more favourable macroeconomic environment for investment."

Thus in view of the belief of MAN, the Association "Recognises the importance, significance, and necessity of the approval of the 15% import tariff on petroleum products — petrol and diesel.

"Acknowledges that the tariff is a rightful, deliberately designed policy instrument intended to protect and encourage domestic producers, curb dumping, and create a stable environment for local refiners to thrive."


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