In a social media post, Dare explained that Nigeria, despite being a major crude oil producer, has long relied on imported fuel, depleting foreign exchange reserves and exporting potential domestic jobs.

The new duty aims to make imported fuel less competitive, incentivizing local refining at facilities like the Dangote Refinery and modular plants to build a self-sufficient energy industry.

“As local refining ramps up and supply strengthens, prices are expected to moderate while jobs, investment, and industrial activity expand,” Dare stated.

He emphasized the measure as “not a burden, but a bridge, from dependence to independence, from vulnerability to strength.”

The policy supports broader efforts to retain economic value from Nigeria’s oil resources within the country.