The Manufacturers Association of Nigeria (MAN) applauds the Federal Government for stimulating demand for Nigerian oil by implementing a 15% import tariff on petrol and diesel.
Segun Ajayi-Kadir, MAN’s Director-General, in a statement on Wednesday said that MAN acknowledges the 15% import tariff as essential for protecting domestic producers and stabilising energy supply.
Ajayi-Kadir said that while supporting the tariff, MAN urges:-
- Price Monitoring: Regulatory bodies must ensure fair pricing to prevent excessive costs.
- . Stable Transition: The government should help local refiners during the initial implementation phase to prevent supply disruptions.
- . Reinvestment of Revenue: Funds from the tariff should enhance energy infrastructure and support industrial transitions to renewable energy. 4. Support for SMEs: Targeted incentives should be provided to small and medium manufacturers reliant on diesel during the transition. 5 Developing More Local Refineries: The government should attract investment in new refineries to ensure long-term energy security and promote competition. MAN emphasises the need for stakeholder engagement to support these initiatives.
