PETROAN Backs Import Ban, Warns Against Economic Disruption

Samuel Mobolaji

The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has expressed support for the Federal Government’s ban on the importation of foreign goods that are produced locally, but urged for a cautious and phased approach to prevent economic disruptions.

Speaking to journalists in Abuja, PETROAN’s National President, Dr Billy Gillis-Harry, commended President Bola Tinubu for what he described as a bold move to boost local production and strengthen the domestic economy. He, however, warned that the policy must be implemented with careful planning to avoid unintended consequences such as product shortages and rising prices.

Dr Gillis-Harry stressed that while the policy could help conserve foreign exchange and reduce Nigeria’s trade deficit, it must not compromise energy security or public access to essential goods. He noted that the petroleum sector, which is still building local refining capacity, is particularly vulnerable to sudden policy shifts.

“Our primary concern is the availability and affordability of petroleum products in Nigeria, which currently has a daily consumption of over 46 million litres,” he said. “Policies must not compromise energy security, as this could have far-reaching implications for the economy and the well-being of Nigerians.”

PETROAN called on the government to take a gradual approach to restricting imports of critical goods such as petroleum products, pharmaceuticals, and other high-demand consumables. The association also identified several reasons why importation may still be necessary in certain sectors, including the lack of local expertise, better quality of imported goods, economies of scale, and the strategic nature of some products.

To support the success of the ban, the association urged increased investment in local refining infrastructure and stronger backing for domestic industries to enhance competitiveness and capacity.

“Strict compliance, balanced with strategic implementation, will help the government achieve its objectives while minimising shocks to the economy,” PETROAN said.