Petrol Import Duty Good for Nigeria, Encourages Domestic Jobsn – Bismark Rewane

• Petrol Import Duty Good for Nigeria, Encourages Domestic Jobsn – Bismark Rewane
• he policy means Nigerians are likely to pay more for fuel once the duty is implemented
• The new duty positions Dangote Refinery advantageously in the country’s oil and gas sector

Popular economist and CEO of Financial Derivatives Company Limited, Bismark Rewane, has described President Bola Ahmed Tinubu’s approval of a 15 percent import duty on petrol and diesel as beneficial for Nigeria.

Eko Hot Blog reports that in an interview with Channels TV, Rewane explained that the import tariff is intended to encourage domestic production of petroleum products and retain jobs within the country.

EDITOR’S PICK

• Tinubu Secures Lawmakers’ Nod for $2.35bn Loan
• Wole Soyinka and Trump’s America: From Torn Green Card to Revoked Visa
• Disciples of Jagaban Defend Tinubu, Say Atiku, Obi Lack Northern Influence

“Petrol import duty is good for the country. Why is it good? Because it encourages domestic production. Anytime you import, you are actually creating jobs for other countries rather than your own. Basically, import protection is good,” he said.

The policy means Nigerians are likely to pay more for fuel once the duty is implemented. Recent data from the Nigerian Midstream and Downstream Petroleum Regulatory Authority shows that 69 percent of petrol consumed in Nigeria is imported, while only 31 percent is locally produced.

The new duty positions Dangote Refinery advantageously in the country’s oil and gas sector. However, the move has faced criticism from the public, who argue it could increase the cost of living and fuel hardship.

An All Progressives Congress chieftain from Delta State, Ayiri Emami, called on President Tinubu on Thursday to withdraw the 15 percent import duty, warning that it would exacerbate difficulties for Nigerians.