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The Manufacturers Association of Nigeria (MAN) has commended the Federal Government for its recent approval of a 15% import tariff on petrol and diesel.
In a press release signed by Segun Ajayi-Kadir, Director-General Manufacturers Association (MAN), the organization described the plan “as a strategic step and patriotic policy that aligns with the Nigeria First agenda and MAN’s long-standing advocacy for local content development and patronage of Made-in-Nigeria. It is heartening that this is coming less than one month after the 53rd AGM of MAN with the theme: Nigeria First: Prioritizing Patronage of Made in Nigeria Products.”
It said the policy has reassured domestic manufacturers that the government is attentive to the imperatives of growing indigenous manufacturing, adding that it exemplifies the government’s commitment to halting the “perennial bleeding of the patrimony; asserting the sovereignty of the great country; guaranteeing energy sufficiency and security, and improving the overall well-being of Nigerians in this regard.”
According to NAN, the policy is a sure step in the promotion of local value addition, strengthening domestic refining capacity, conserving foreign exchange, and advancing Nigeria’s long-term industrialisation objectives.
The organization said that the policy will ensure the Naira for crude arrangement that will ensure effective and reliable supply of crude to the local refineries and reduce the pressure on our scarce foreign exchange and also attract more investors, including the holders of the 30 refinery licences, to commit resources in the sector.
It argued that there is no better path to fixing Nigeria’s economy than protecting local industries, encouraging local patronage, fostering value addition, and promoting industrial development anchored on local content.
MAN posited that Nigeria is blessed with enormous oil resources, saying unfortunately; scarce forex in billions of dollars is still being spent on importing refined petroleum.
The body argued that supporting local refining capacity through appropriate policy tools will conserve scarce foreign exchange, improve the stability of the Naira, and foster a more favourable macroeconomic environment for investment.
