Dangote's call for petroleum ban rejected

The President of the Dangote Group, Alhaji Aliko Dangote, has asked President Bola Tinubu to include refined petroleum products in the list of items banned under the ‘Nigeria First’ policy of the Federal Government. But this was unanimously rejected by oil marketers and some industry analysts on Sunday, according to a report in Punch. The ’Nigeria First’ policy seeks to ban government agencies from importing goods that can be produced within Nigeria. In May, Tinubu barred government agencies from importing goods or services that are available locally. Speaking at a Fuel Markets conference, Dangote requested that petrol, diesel, and other refined petroleum products be added to the items banned by the policy. According to him, the importation of fuel into Nigeria is killing local refining and discouraging further investments in the sector and even the economy. To remain viable, Dangote urged governments across Africa to take deliberate steps as the US, Canada and the European Union have done to protect domestic producers from what he called unfair competition. He argued that local refiners were finding it difficult to sell their products because of what he called dumping. The billionaire businessman alleged that importers were dumping toxic fuel that would never be allowed in Europe.

However, marketers disagreed with Dangote, urging the Federal Government not to consider adding petroleum products to the list of items banned from importation. The National Publicity Secretary of the Independent Petroleum Marketers Association of Nigeria, Chinedu Ukadike, said independent marketers would not support that idea as it would spell doom for the sector. The National President of the Petroleum Products Retail Outlet Owners Association of Nigeria, Billy Gillis-Harry, also rejected the call. He said no one company should be allowed to dominate the downstream sector in a free economy, reports Punch. An energy expert at the University of Lagos, Professor Dayo Ayoade, also warned against banning fuel importation, saying this would promote monopolistic tendencies.

Full Punch report