CPPE Says Petrol Imports Draining Nigeria’s Economy, Backs 15% Duty

The Centre for the Promotion of Private Enterprise (CPPE) has expressed concern over the negative impact of petrol imports on Nigeria’s economy, describing the situation as a major drain on foreign exchange and national productivity.

In a statement, the Chief Executive Officer of CPPE, Dr. Muda Yusuf, said the continued importation of petrol was unsustainable and undermines the country’s economic stability. He explained that the import dependency has increased Nigeria’s exposure to external shocks, weakened the naira, and worsened inflation.

Yusuf supported the federal government’s plan to introduce a 15% duty on imported petroleum products, noting that it could incentivize local refining and promote self-sufficiency. According to him, “The introduction of a 15% duty on imported fuel is a step in the right direction, as it will help protect domestic investments in refining and stimulate job creation in the downstream oil sector.”

He further urged policymakers to prioritize the development of local refineries, including modular plants, to ensure Nigeria maximizes its crude oil resources.

Yusuf added that a sustainable energy policy, efficient regulatory framework, and investment incentives are critical to achieving energy security and reducing the fiscal burden associated with petrol subsidies and imports.