The Petroleum Products and Retail Outlet Owners Association of Nigeria (PETROAN) has cautioned the Federal Government to ensure that its policy on banning the importation of foreign products does not jeopardize the country’s energy security.
In a statement issued on Monday from Abuja by the association’s National Public Relations Officer, Dr. Joseph Obele, PETROAN emphasized the critical importance of maintaining stable and affordable access to petroleum products across the country.
“Our primary concern is the availability and affordability of petroleum products in Nigeria to meet the daily consumption volume of over 46 million litres of petrol and other petroleum products,” the association’s National President, Dr. Billy Gillis-Harry, was quoted as saying. “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.”
While PETROAN expressed cautious support for President Bola Tinubu’s decision to restrict the importation of goods already produced locally, it warned that poorly executed implementation could lead to fuel shortages and economic shocks.
The group advised that essential commodities—such as petroleum products, pharmaceuticals, and other highly consumable or strategic items—should be exempted from the ban or granted waivers. It noted that local production in these sectors remains insufficient to meet current demand, which could trigger scarcity and price hikes.
Citing examples from global economies like the United States, PETROAN suggested that rather than blanket bans, the Nigerian government could adopt a more flexible approach, such as targeted tariffs and exemptions for critical imports.
The association acknowledged the potential benefits of the import restriction policy, including stimulating domestic production, creating jobs, and reducing the nation’s trade deficit. However, it also pointed out serious risks, including inflationary pressure, supply gaps, and increased costs for consumers.
Dr. Gillis-Harry urged the government to ramp up investment in local refining infrastructure and provide robust support for Nigerian industries to increase their competitiveness and self-reliance.
“Energy security is a national priority,” he added. “Policies must reflect economic realities to avoid further worsening Nigeria’s inflation and living standards.”
PETROAN’s intervention comes amid growing debate over the implications of the import ban policy on various sectors of the Nigerian economy.
