Fuel War Brews: Dangote Urges Tinubu to Ban Fuel Imports

Fuel War Brews: Dangote Urges Tinubu to Ban Fuel Imports

A heated debate is brewing in Nigeria’s fuel industry as Aliko Dangote, President of the Dangote Group, has called on President Bola Tinubu to ban the importation of refined petroleum products. This move is part of the Federal Government’s ‘Nigeria First’ policy, which aims to promote local production and reduce reliance on foreign goods.

The ‘Nigeria First’ policy, introduced in May, bars government agencies from importing goods or services that are available locally. Dangote believes that this policy should be extended to include refined petroleum products, such as petrol and diesel, to protect local refining and encourage further investments in the sector.

However, oil marketers and industry analysts have unanimously rejected Dangote’s proposal, warning against the potential for monopoly and negative impacts on the economy. They argue that banning fuel imports could lead to supply shortages and price increases, ultimately harming consumers.

Dangote insists that the importation of fuel is killing local refining and discouraging investments in the sector. He urges governments across Africa to take deliberate steps to protect domestic producers from unfair competition, citing examples from the US, Canada, and the EU.

The debate highlights the complexities of Nigeria’s fuel industry and the need for a balanced approach that promotes local production while ensuring adequate supply and competitive pricing. As the government considers Dangote’s proposal, it remains to be seen how this will impact the economy and consumers.