CORAN Backs 15% Fuel Import Duty, Says Policy Will Grow Jobs, Refineries

Chairman of the Crude Oil Refinery Owners Association of Nigeria (CORAN), Momoh Oyarekhua, has applauded President Bola Tinubu’s approval of a 15 percent import duty on petrol and diesel, describing it as a strategic policy that will strengthen local refining, ease pressure on foreign exchange, and generate employment

He said the new policy will strengthen local refineries, reduce pressure on foreign exchange, and create more jobs for Nigerians.

Speaking during a TV interview, Oyarekhua described the approval as a strategic step towards building a stronger oil sector.

According to him, the duty will stop “unhealthy competition” between fuel importers and local refinery operators and help create a fair market.

Oyarekhua said refinery owners want Nigeria to ban fuel importation completely so that the country can become a net exporter of petroleum products.

He revealed that five private refineries are already working and supplying the Nigerian market. These include Dangote Refinery, OPAC Refinery, Waltersmith Refinery, Aradel Refinery, and Edo Refinery.

He also said many Nigerians do not know that these refineries are already operating and producing fuel locally.

Oyarekhua added that local production is already helping to stabilise the foreign exchange market. With more products refined in Nigeria, less forex is spent on imports.

He concluded that the import duty will bring many benefits such as job creation, increased investment, and better energy security for the country.