By Bunmi Yekini
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has expressed support for the Federal Government’s recent decision to ban the importation of foreign goods that are produced locally, while warning that the policy must be implemented carefully to avoid unintended economic disruptions.
Speaking to journalists in Abuja, PETROAN’s National President, Dr. Billy Gillis-Harry, commended President Bola Tinubu for what he described as a bold move to strengthen Nigeria’s domestic economy.
“This is a commendable step toward promoting local content and reducing our reliance on imports. It has the potential to boost local industries, create jobs, and conserve foreign exchange,” he said.
However, PETROAN urged the government to proceed with caution, especially in sectors like petroleum, pharmaceuticals, and other essential goods, where local capacity is still evolving.
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“Essential and sensitive products, such as petroleum products, pharmaceuticals, and other highly consumable goods, should be gradually phased out,” Gillis-Harry advised. “Some of these products may not yet be adequately available locally, and banning them abruptly could lead to shortages and price hikes.”
He further noted that Nigeria consumes over 46 million litres of petrol daily and stressed the importance of maintaining energy security.
“Our primary concern is the availability and affordability of petroleum products in Nigeria. We must ensure that our policies do not compromise energy security, as this could have far-reaching consequences for the economy and the well-being of Nigerians,” he said.
The association highlighted other reasons that may necessitate selective imports, including the unavailability of specialised technology, higher quality standards of imported goods, and the strategic importance of certain products.
While supporting the objectives of the import ban, PETROAN called for increased investments in local refining and domestic industries to enhance their capacity and competitiveness.
“With strict compliance and well-thought-out implementation, the government can achieve its goals without causing major disruptions to the economy,” Gillis-Harry added.