By Yahaya Umar, Abuja
A day after the the Federal Government announced a ban on import of foreign goods, the Petroleum Products Retail Owners Association of Nigeria, PETROAN, has warned that local production may be insufficient to meet demand, therefore, leading to shortages and hike in the prices of petroleum products.
National President of PETROAN, Billy Gillis-Harry, stated this while reacting to the proposed implementation of the ban.
Gillis-Harry, in a statement warned against unintended consequences in the implementation of the “Nigeria First Policy” which is targeted at boosting local industries.
In this vein, he called on President Bola Ahmed Tinubu to be cautious with its proposed implementation of the ban on foreign goods imports.
The PETROAN president, however, commended the policy to boost local industries but it should not lead to shortages or price increases, particularly in the petroleum sector, where local refining capacity is still below requirement for consumption.
According to him, potential shortages, banning imports can lead to shortages of essential goods.
“Price Increases: Limiting importation can result in higher prices for consumers, as local producers may not be able to meet demand efficiently, leading to inflationary”.
“PETROAN advised that essential and sensitive products, such as petroleum products, pharmaceuticals, and other highly consumable goods, should be gradually phased out”, he said.
This is because some products may not be readily available locally, or their local production may be insufficient to meet demand, leading to shortages and price hikes.
“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. We must ensure that our policies do not compromise energy security, as this could have far-reaching consequences for the economy and the well-being of Nigerians”.
AljazirahNigeria reports that in line with Renewed Hope, Nigeria First Policy, Tinubu, on Monday ordered a ban on importation of foreign goods and services available in Nigeria.
The ban is sequel to the Federal Executive Council, FEC, approved of the policy which is an initiative by the Tinubu administration aimed at placing Nigerians at the heart of all business and economic activities in the country.
