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The Abuja Chamber of Commerce and Industry (ACCI) has commended the Federal Government for its renewed commitment to strengthening Nigeria’s domestic refining capacity through the introduction of a 15% Fuel Import Tax.
The Chamber, however, recommends that the implementation of the policy be carried out in phases and gradually to ensure economic stability, protect consumers, and sustain business confidence.
This was contained in a statement Tuesday by Olayemi John-Mensah, ACCI Media & Strategy Officer.
Speaking on the development, the President of the ACCI, Chief Emeka Obegolu, SAN, PhD, described the policy as “strategic and potentially transformative,” noting that while its intent aligns with Nigeria’s long-term goal of achieving energy self-sufficiency and industrial growth, a sudden implementation could trigger unintended economic consequences.
“The Abuja Chamber of Commerce and Industry acknowledges the Federal Government’s objective to promote local refining, conserve foreign exchange, and strengthen Nigeria’s industrial base. However, implementing the 15% Fuel Import Tax as a one-step measure may exert inflationary pressures, especially at a time when most domestic refineries are not yet fully operational,” Chief Obegolu stated.
He added that while the Chamber supports policies that protect and encourage local industries, there is a need for a carefully sequenced rollout that allows sufficient time for the rehabilitation and stabilization of the nation’s refining infrastructure.
“A phased implementation strategy will allow the market to adjust gradually, prevent supply disruptions, and avoid sharp increases in fuel prices that could affect transportation, food costs, and small business operations,” he said.
Chief Obegolu, who also leads the Organised Private Sector (OPS) in the Federal Capital Territory and its environs, further emphasised that the success of the new tariff policy will depend largely on policy coordination, transparency, and stakeholder engagement.
He urged the government to intensify consultations with industry players, including refineries, fuel marketers, transport unions, and consumer groups, to ensure that the tax achieves its intended objectives without creating undue hardship for citizens.
“The ACCI stands ready to work with the relevant ministries, departments, and agencies to design a policy framework that balances the goals of industrial protection and consumer welfare. The focus should be on achieving a sustainable transition, supporting local refineries to scale up production while maintaining healthy competition within the market,” the ACCI President added.
The Chamber also recommended that a portion of the projected revenue from the import tax be channeled into strategic social and economic relief measures, such as transportation subsidies, support for small and medium-sized enterprises (SMEs), and incentives for modular refineries to expand their capacity.
Chief Obegolu reiterated ACCI’s belief that the 15% Fuel Import Tax, if well-calibrated and implemented in stages, can become a cornerstone policy for Nigeria’s journey toward energy independence, industrial revitalization, and sustainable economic growth.
“It should not be a flip of the switch, but a carefully managed transition that safeguards livelihoods while strengthening local production,” he concluded.
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