ECCIMA Commends Federal Government’s “Nigeria First” Policy, Backs 15% Import Tax on PMS and Diesel as Catalyst for Jobs and Economic Growth

The Enugu Chamber of Commerce, Industry, Mines and Agriculture (ECCIMA) has lauded the Federal Government for introducing a 15% import tax on petrol (PMS) and diesel, describing the move as a bold and strategic policy aimed at stimulating economic growth, promoting local production, and generating employment opportunities for Nigeria’s teeming youth population.

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According to ECCIMA, the policy aligns with the Chamber’s long-standing position that the naira cannot strengthen while the nation remains heavily dependent on imports for over 80% of its needs. The Chamber noted that excessive importation of finished goods continues to undermine the local economy and weaken the national currency, particularly in cases where such goods can be produced domestically.

By placing higher tariffs on products that can be manufactured in Nigeria, ECCIMA stated, the Federal Government has taken a decisive step toward protecting local industries, revitalizing manufacturing, and fostering self-reliance.

Tracing the challenge to the 1990s when Nigeria began large-scale importation of refined petroleum products the Chamber noted that this practice contributed significantly to the persistent depreciation of the naira. It added that the inability of the Nigerian National Petroleum Company Limited (NNPC Ltd.) to fully revive the country’s three government-owned refineries, coupled with the indiscriminate issuance of import licenses, has further compounded the nation’s economic difficulties.

ECCIMA emphasized that advanced economies such as the United States and China have long adopted policies discouraging the importation of products that can be manufactured locally, thereby safeguarding their industries, boosting exports, and strengthening their balance of trade. Nigeria, the Chamber said, must embrace similar strategies to achieve sustainable economic transformation.

The Chamber also commended Alhaji Aliko Dangote, Chairman of the Dangote Group, for his visionary investment in the Dangote Petroleum Refinery a landmark project that is already contributing to Nigeria’s domestic fuel supply and generating foreign exchange. The planned expansion of the refinery’s capacity from 650,000 barrels per day to 1.4 million barrels per day, ECCIMA noted, further strengthens confidence in Nigeria’s ability to meet its energy needs and reduce dependence on imported petroleum products.

To complement the new import policy, ECCIMA urged the Federal Government to grant additional refinery licenses to credible indigenous investors. Given that oil remains Nigeria’s main source of foreign earnings, the Chamber emphasized that stakeholders capable of transforming the country from a net exporter of crude oil to a net exporter of refined products should be given full governmental support. Streamlining the licensing process, it added, would attract new investors, enhance competition, and ensure steady supply for both domestic and export markets.

ECCIMA concluded by expressing optimism that, with consistent implementation of this policy, Nigeria can emerge as a global hub for refined petroleum exports. The Chamber reaffirmed its unwavering support for private sector initiatives and government policies that promote industrialization, protect local enterprises, and drive sustainable national economic growth.