The Petroleum Refineries Owners Association of Nigeria (PETROAN) has said it is ‘cautiously’ welcoming the federal government’s decision to ban the importation of foreign goods produced locally.
PETROAN president, Dr. Billy Gillis-Harry, who disclosed this while answering questions from newsmen on the federal government’s decision, said there was a need for careful implementation to avoid unintended consequences on the nation’s economy.
Gillis-Harry commended the federal government’s efforts to strengthen the domestic economy and promote local content.
He urged the government to ensure that the policy does not lead to shortages or price increases, particularly in the petroleum sector, where local refining capacity is still being developed.
PETROAN president advised that essential and sensitive products, such as petroleum products, pharmaceuticals, and other highly consumable goods, should be exempted from the ban or have a waiver to ensure their continuous availability.
Gillis-Harry said: “Sensitive and essential products such as petroleum products, pharmaceuticals, and other highly consumable goods, should be exempted from the ban or have a waiver to ensure their continuous availability.
“This is because some products may not be readily available locally, or their local production may be insufficient to meet demand, leading to shortages and price hikes.
“Other factors that may necessitate importing goods include: unavailability of specialised technology or expertise locally, and higher quality standards of imported goods, as well as economies of scale favouring imports, and strategic or critical nature of the product.”
Citing examples from other countries, PETROAN president noted that even the United States, under the “America First” policy, has implemented targeted tariffs rather than blanket bans, allowing for flexibility and exemptions for critical goods.
We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →
Join Our WhatsApp Channel
