The Centre for the Promotion of Private Enterprise (CPPE) has expressed strong support for President Bola Ahmed Tinubu’s approval of a 15 per cent import duty on petrol and diesel, describing it as a strategic step toward strengthening Nigeria’s local refining industry.

In a statement signed by Dr. Muda Yusuf, Chief Executive Officer of CPPE, the organisation said the new tariff policy is “forward-looking” and designed to protect domestic refineries such as Dangote Refinery, NNPCL refineries, and other modular refining projects across the country.

According to Yusuf, the modest import duty would help reduce Nigeria’s dependence on imported fuel, restore local refining capacity, and curb foreign exchange pressures.

“This modest protection will provide the policy support needed for domestic refineries to thrive, restore Nigeria’s refining capacity, and reduce foreign exchange exposure,” he stated.

He added that Nigeria’s long-standing overreliance on fuel imports has weakened the nation’s industrial base and exposed its economy to external shocks.

The CPPE boss further explained that protectionist measures, when properly implemented, are not about shutting out foreign competition but about empowering local industries to compete globally.

“Protectionism, when pragmatic and disciplined, is not about closing borders. It is about building domestic strength for global competitiveness,” Yusuf said.

He maintained that the new import duty is not intended to benefit a single refinery but represents a sector-wide policy that supports all present and future investors in the refining and petroleum industries.

President Tinubu’s approval of the 15% import duty on petrol and diesel last week has generated mixed reactions among Nigerians, with some industry players praising the move as a boost for industrial growth, while others fear it could increase fuel prices.

However, CPPE believes that if the policy is supported by complementary reforms, it could become a catalyst for Nigeria’s industrial transformation and energy independence.