KACCIMA Cautions Federal Government On Fuel Import Policies, Says Local Investments At Risk

The Kano Chamber of Commerce, Industry, Mines and Agriculture (KACCIMA) has cautioned the Federal Government against continued fuel importation, warning that such policies could threaten the economy, discourage local investment, worsen unemployment and undermine national security.

President of the chamber, Ambassador Usman Darma, raised the concerns while briefing journalists in Kano on Friday over the recent face-off between industrialist Aliko Dangote and the immediate-past Authority Chief Executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), Farouk Ahmed.

Darma said local investors who have invested heavily in Nigeria over the years deserve strong protection, noting that many of them are among the country’s largest employers of labour apart from government. He warned that policies perceived to favour fuel importers over local refiners could erode confidence in Nigeria’s investment climate.

According to him, continued reliance on imported petroleum products, despite increasing local refining capacity, places unnecessary pressure on foreign exchange, as importers source dollars to pay for fuel refined abroad. In contrast, he said local refining conserves forex, creates jobs and supports economic growth.

“If investors who have committed enormous resources to Nigeria begin to face policy uncertainty, it sends a negative signal to others planning to invest in the country,” Darma said, adding that job losses arising from unfriendly policies could worsen insecurity, as unemployment remains a key driver of social unrest.

The KACCIMA president dismissed claims that local refineries were monopolising the downstream sector, describing such arguments as political. He said monopoly concerns could be addressed by reviving government-owned refineries and encouraging licensed importers to invest in building refineries locally.

Darma also raised concerns over alleged corruption within regulatory institutions, calling for transparency, fairness and justice in the management of the petroleum sector.

He urged President Bola Tinubu to provide clear policy direction that supports local investors while promoting healthy competition, stressing that KACCIMA would continue to support reforms but oppose policies that threaten economic stability.

“Our desire is a fair and conducive business environment that will drive growth and ensure national stability,” he stated.