Nigeria’s fuel importation from Malta, an island in Southern Europe, has increased by 4,127 per cent to $2.08 billion in 2023, from $47.5 million in 2013, due to increased importation in the past few years.
The nation’s fuel importation rose marginally to $59.98 million, from $47.5 million in 2013, before rising further to $117.01 million in 2015.
According to data obtained from Statisense by Vanguard, the current $2.8 billion 2023 figure is the highest in the past six years.
The Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA), has urged the government to protect local industries, especially the Dangote Refinery to reduce the current huge dependence on imported fuel.
In a statement obtained by Vanguard, National President of NACCIMA, Dele Oye, stated: “Protecting local industries like the Dangote Refinery is not just about ensuring the cheapest product in the market. It is about domestic supply security, driving globally competitive industries, maximizing linkages within the local economy, creating jobs, reducing foreign exchange expenses, and strengthening the Naira.
“Undermining local industries, especially those of such scale and significance, is self-defeating and harmful to our national interests.
“Protecting local industries is not just about shielding them from external competition; it is about creating a favorable environment where they can thrive and contribute to the overall economic health of the country.
“Policymakers must strike a balance between protectionism and openness to ensure that local industries can compete globally while also supporting domestic economic goals.”
The NACCIMA President commended the Minister of State Petroleum Resources, Heineken Lokpobiri, for convening a high-level meeting Aliko Dangote, President of Dangote Group; Mr. Farouk Ahmed, Chief Executive of NMDPRA; Mr. Gbenga Komolafe, CEO of the Nigerian Upstream Petroleum Regulatory Commission (NUPRC); and Mr. Mele Kyari, GCEO of the Nigerian National Petroleum Corporation Limited (NNPCL), aimed at resolving the ongoing issues surrounding the Dangote Refinery.
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