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The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has cautioned President Bola Ahmed Tinubu about the potential consequences of banning foreign goods imports.
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PETROAN warned that the ban may lead to price hikes in premium motor spirit and other imported goods due to insufficient local production.
The Petroleum Products Retail Owners Association of Nigeria (PETROAN) has expressed concerns about the potential consequences of the ban on foreign goods imports, warning that it may lead to price hikes in premium motor spirit and other imported goods.
PETROAN’s national president, Gillis-Harry, disclosed this in a statement, urging President Bola Ahmed Tinubu to be cautious with the implementation of the policy.
Gillis-Harry applauded the initiative behind the Nigeria First Policy but warned against unintended consequences. “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.
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“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.”he stated.
PETROAN identified two major challenges the ban on foreign goods may cause in Nigeria: potential shortages and price increases. Gillis-Harry explained that banning imports can lead to shortages of essential goods, particularly if local production is insufficient or unreliable.
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He also noted that limiting importation can result in higher prices for consumers, as local producers may not be able to meet demand efficiently, leading to inflationary pressures.
The association advised that essential and sensitive products, such as petroleum products and pharmaceuticals, should be gradually phased out to avoid shortages and price hikes. “PETROAN advised that essential and sensitive products… should be gradually phased out.
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,” Gillis-Harry stated.
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