- Dangote urges Tinubu to ban fuel imports under ‘Nigeria First’ policy.
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Marketers, experts reject proposal, warn against monopoly and inflation.
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Dangote claims refinery can meet demand, exported 1.35bn litres in 50 days.
A major rift is unfolding in Nigeria’s energy sector as billionaire industrialist, Aliko Dangote, has urged President Bola Tinubu to include refined petroleum products in the list of imports banned under the Federal Government’s ‘Nigeria First’ policy.
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EKO HOT BLOG reports that his call has been met with strong opposition from petroleum marketers and industry experts who fear the move could create a monopoly.
Speaking at the Global Commodity Insights Conference in Abuja, Dangote argued that continued fuel importation undermines local refining, discourages investment, and leads to the dumping of substandard products. He accused importers of flooding Nigeria with cheap, often toxic fuel, some subsidised from Russia, thus destabilising local pricing.
“The Nigeria First policy should apply to the petroleum sector. Local producers deserve protection, just as is done in the US, EU, and Canada,” Dangote said.
He revealed that his $20 billion refinery exported 1.35 billion litres of petrol in just 50 days, proving its capacity to meet domestic needs.
However, oil marketers rejected the call. IPMAN’s Chinedu Ukadike warned it would fuel inflation and give Dangote control of the market, saying, “We support both local purchase and importation. Monopoly will harm the sector.”
PETROAN President, Billy Gillis-Harry, also disagreed, saying no company should dominate a free market. “Importation ensures supply diversity and helps stabilise energy sources,” he said.
Energy law expert, Prof. Dayo Ayoade, cautioned against violating international trade laws. He argued that banning imports would jeopardise national energy security and promote monopoly, stressing the need for multiple operating refineries.
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