PETROAN Cautions Federal Government Against Blanket Import Ban, Cites Economic Risks
The Petroleum Products Retail Outlets Owners Association of Nigeria (PETROAN) has issued a strong warning to the federal government against enforcing a blanket ban on imported goods, particularly petroleum products. The association argues that such a policy could trigger significant economic disruptions, leading to supply chain challenges and exacerbating Nigeria’s inflationary pressures.
This caution comes in response to the federal government’s recent policy move aimed at restricting the importation of foreign goods. National President of PETROAN, Mr. Billy Gillis-Harry, voiced concerns over the potential impact on Nigeria’s energy security and overall economic stability.
“Our primary concern is the availability and affordability of petroleum products in Nigeria to meet the daily consumption volume of over 46 million litres of petrol and other petroleum products,” Mr. Gillis-Harry stated. He emphasized that policies impacting energy security must be handled with great care, as they could have far-reaching consequences for both the economy and the wellbeing of Nigerians.
PETROAN has called for a strategic focus on strengthening the nation’s local refining capacity and offering more robust support to domestic industries, enhancing their competitiveness in the global market. The association suggests that with careful planning and caution, the government can balance its policy objectives while avoiding unnecessary disruptions to the economy.
By highlighting the importance of maintaining a steady supply of petroleum products and supporting local industries, PETROAN urges the government to adopt a more measured approach in its economic reforms.
