Yemisi Izuora
The Manufacturers Association of Nigeria (MAN) has openly supported the Federal Government for its recent approval of a 15 per cent import tariff on petrol and diesel.
The Association said the policy is 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.
“This strategic policy has reassured domestic manufacturers that the Government is attentive to the imperatives of growing indigenous manufacturing. It exemplifies the government’scommitment to halting the perennial bleeding of our patrimony; asserting the sovereignty of the great country; guaranteeing energy sufficiency and security, and improving the overall well-being of Nigerians in this regard. This 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.” MAN said
The Association said that unfettered implementation of the domestic supply of crude and enshrined in the PIA, 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. It will also attract more investors, including the holders of the 30 refinery licenses, to commit resources in the sector.
“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.” it said adding, Nigeria is blessed with enormous oil resources. Unfortunately, scarce forex in billions of dollars is still being spent on importing refined petroleum. 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.”