• Dangote Petroleum Refinery, Ibeju Lekki, Lagos.
“Domestic oil producers should compete with one another, not with importers .”
“With those words, the Centre for the Promotion of Private Enterprise, CPPE, lends its voice to the recent 15% import duty on refined petroleum products—petrol and diesel, by the federal government.
Dr Muda Yusuf, its Director General/CEO, noted that the policy was a welcome development and a progressive and corrective measure.
He emphasised that this modest protection will provide the policy support needed for domestic refineries, such as Dangote Refinery and NNPCL refineries, and emerging modular refineries to thrive, restore Nigeria’s refining capacity, and reduce foreign exchange exposure.
He, however, stressed the need for building a balanced competition model.
He said : ” Nigeria should adopt a competition model that prioritises domestic production over import dependence. Producers should compete with fellow producers, not with importers.
Both indigenous and foreign investors should be encouraged to produce locally through clear, consistent, and performance-based policies.
This approach—successfully applied in the cement, flour, and beverage industries—can be replicated across sectors to achieve self-sufficiency and export readiness within a decade.”
