The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has advised President Bola Ahmed Tinubu to exercise caution regarding the proposed ban on foreign goods imports. PETROAN cautioned that this ban, part of the Nigeria First Policy, could result in rising prices for premium motor spirit and other imported products.
Gillis-Harry, the national president of PETROAN, made this statement on Tuesday.
His remarks followed President Tinubu’s announcement on Monday, after a Federal Executive Council meeting at the Presidential Villa, regarding the Nigeria First Policy, which aims to strengthen the nation’s economy.
While Gillis-Harry praised the initiative, he also warned of potential unintended consequences that could arise from its implementation. He urged the government to consider these risks carefully.
QGilly-Harry urged the government to ensure that the policy does not result in shortages or price increases, especially in the petroleum sector, where local refining capacity is still under development.
PETROAN recommended that essential and sensitive products, such as petroleum, pharmaceuticals, and other highly consumable goods, should be gradually phased out. This is due to the possibility that some products may not be readily available locally, or that local production may not be sufficient to meet demand, which could lead to shortages and price increases.
He also highlighted two significant challenges that the ban on foreign goods may pose for Nigeria:
1. **Potential Shortages**: Banning imports can create shortages of essential goods, particularly if local production is inadequate or unreliable.
2. **Price Increases**: Restricting imports may lead to higher prices for consumers, as local producers might struggle to meet demand efficiently, resulting in inflationary pressures.
“Our main focus is ensuring the availability and affordability of petroleum products in Nigeria to satisfy a daily consumption of over 46 million liters of petrol and other petroleum products. It is crucial that our policies do not jeopardize energy security, as this could significantly impact the economy and the welfare of Nigerians.”
