Dangote Urges Tinubu to Ban Fuel Imports Under ‘Nigeria First’ Policy, Marketers Disagree
Alhaji Aliko Dangote has urged President Bola Tinubu to consider adding refined petroleum products to the list of items ban from import under the Federal Government’s ‘Nigeria First’ policy.
The “Nigeria First” initiative aims to prohibit government agencies from importing items that can be manufactured within the country. In May, Tinubu restricted government departments from purchasing goods or services from abroad if they are already available locally.
The policy outlined that acquiring foreign products or services that are already accessible in Nigeria should not move forward without proper justification and a waiver from the Bureau of Public Procurement
During the Conference on West African Refined Fuel Markets, organized by the Nigerian Midstream and Downstream Petroleum Regulatory Authority in collaboration with S&P Global Insights, Dangote explicitly called for the inclusion of petrol, diesel, and other refined petroleum products in the list of items restricted by the policy.
He said, “The Nigeria First policy announced by His Excellency, President Bola Tinubu, should apply to the petroleum product sector and all other sectors.
“And to make matters worse, we are now facing increased dumping of cheap, often toxic petroleum products, some of which are blended to substandard levels that would never be allowed in Europe or North America.
“Due to the price caps on the Russian petroleum products, discounted petroleum products produced in Russia or with discounted Russian crude find their way to Africa, severely undercutting our local production, which is based on full crude pricing. This has created an unlevel playing field in most African countries. Petrol and diesel are sold for about a dollar net of taxes.
“In Nigeria, due to this unfair competition, this price is just about 60 cents, even cheaper than Saudi Arabia, which produces and refines its own oil. This is due to the fact that we are having too much dumping. To remain viable, we urge the governments across Africa to take deliberate steps as the United States, Canada, and the European Union have done to protect domestic producers from unfair competition.”
Marketers have expressed their disagreement with Dangote, advising the Federal Government to avoid including petroleum products in the list of banned imports.
