Veteran Labour Leader and Member of the National Institute (mni), Comrade Mustapha Nuhu Wali, has commended the Federal Government’s introduction of a 15 percent ad-valorem import duty on petrol and diesel, describing it as a strategic policy geared toward promoting local refining, industrial protection, and long-term national development.
In a statement issued on Friday and made available to journalists, Wali noted that the policy, approved by President Bola Ahmed Tinubu, represents a deliberate economic shift aimed at reducing Nigeria’s overdependence on imported refined petroleum products while boosting domestic production capacity.
According to him, the measure — which places a value-based import tax on refined fuels — is expected to protect investments in local refineries such as the Dangote Refinery and the NNPCL’s rehabilitated plants, ensuring they remain viable and competitive in the Nigerian market.
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Comrade Wali, however, cautioned that while the policy is sound from an industrial and fiscal perspective, its implementation must be carefully managed to prevent a disproportionate burden on ordinary Nigerians and small-scale enterprises.
“In the short term, consumers and small businesses may experience slight increases in fuel costs, but the long-term benefits far outweigh these temporary challenges. The policy will stabilize fuel prices, reduce pressure on foreign exchange, and create sustainable jobs through increased domestic refining,” Wali stated.
He explained that the 15% ad-valorem duty aligns with protectionist economic strategies adopted by countries seeking to industrialize and strengthen internal value chains.
Wali emphasized that effective oversight and transparency are crucial for the success of the policy.
“Government must ensure that the policy is implemented with fairness and accountability, balancing the interests of local investors with the welfare of the general public,” he said.
The labour veteran urged the Federal Government to accompany the measure with social protection programs to cushion the impact on low-income households and transport-dependent sectors.
He further noted that the policy, if sustained, could mark a turning point in Nigeria’s quest for energy security and economic self-reliance.
“This initiative is a bold step toward achieving energy independence and reviving industrial growth. It’s a signal that Nigeria is ready to take control of its economic destiny,” Wali added.
The introduction of the 15% ad-valorem duty forms part of broader fiscal and industrial reforms aimed at repositioning Nigeria’s downstream oil and gas sector for competitiveness, investment, and long-term stability.
