• About Us
  • Contact Us
  • Privacy & Policy
Thursday, July 24, 2025
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
Advertisement
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
  • National
  • Politics
  • Economy
  • Entertainment
  • Sports
  • Editorial
  • Opinion
  • Columns
No Result
View All Result
Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history
No Result
View All Result

PETROAN applauds Tinubu’s ban on foreign products importation 

News Agency of Nigeria (NAN) by News Agency of Nigeria (NAN)
May 7, 2025
in Economy, National
Reading Time: 2 mins read
A A
0
PETROAN applauds Tinubu’s ban on foreign products importation 
Share on FacebookShare on TwitterShare on WhatsappShare on EmailShare on Telegram

The Petroleum Products Retail Owners Association of Nigeria has lauded President Bola Tinubu’s decision to ban the importation of foreign goods produced locally.

On Tuesday, PETROAN national president Billy Gillis-Harry, while commending the government’s efforts to strengthen the domestic economy and promote local content, called for careful implementation to avoid unintended consequences.

Mr Gillis-Harry urged the government to ensure that the policy does not lead to shortages or price increases, particularly in the petroleum sector, where local refining capacity is still being developed.

He advised that essential and sensitive products, such as petroleum products, pharmaceuticals, and other highly consumable goods, should be gradually phased out.

He said this was 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.

“Factors that may necessitate importing goods include: unavailability of specialised technology or expertise locally, higher quality standards of imported goods, economies of scale favouring imports and strategic or critical nature of the product,” he said.

He said that by promoting local content, the policy could stimulate economic growth, create jobs, increase domestic production, reduce reliance on foreign goods, which could help narrow the trade deficit and conserve foreign exchange.

Speaking on its disadvantages, he said banning imports could lead to shortages of essential goods, particularly if local production was insufficient or unreliable.

“Limiting importation can result in higher prices for consumers, as local producers may not be able to meet demand efficiently, leading to inflationary pressures.

“There is need for energy security. 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,” he said.

He, however, called for increased investment in local refining infrastructure and support for domestic industries to enhance their competitiveness.

Mr Tinubu on Monday okayed a ban on the importation of foreign goods by ministries, departments, and agencies available in the country, without a waiver from the Bureau of Public Procurement.

The new policy, dubbed the ‘Renewed Hope Nigeria First Policy’, aims to strengthen the domestic economy, promote local content, and reduce Nigeria’s dependence on imports.

News Agency of Nigeria (NAN)

News Agency of Nigeria (NAN)

Related Posts

Tinubu should have debunked rumours of dropping Shettima as running mate in 2027 – Baba-Ahmed
National

Tinubu should have debunked rumours of dropping Shettima as running mate in 2027 – Baba-Ahmed

2 hours ago
Reps queries Ibas over N24bn for CCTV, N30bn for gunboats in Rivers’ 2025 budget
National

Rivers State Begins Staff, Pensioners Verification Exercise

17 hours ago
NSF: Rivers Athletes Express Fear Over Unfulfilled Promises
National

NSF: Rivers Athletes Express Fear Over Unfulfilled Promises

23 hours ago
BENUE ATTACK: Benue Speaker Visits Yelewata IDPs, Vows Land Protection
National

BENUE ATTACK: Benue Speaker Visits Yelewata IDPs, Vows Land Protection

1 day ago

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

NATIONS NEWS

Tinubu should have debunked rumours of dropping Shettima as running mate in 2027 – Baba-Ahmed
National

Tinubu should have debunked rumours of dropping Shettima as running mate in 2027 – Baba-Ahmed

2 hours ago
Reps queries Ibas over N24bn for CCTV, N30bn for gunboats in Rivers’ 2025 budget
National

Rivers State Begins Staff, Pensioners Verification Exercise

17 hours ago
NSF: Rivers Athletes Express Fear Over Unfulfilled Promises
National

NSF: Rivers Athletes Express Fear Over Unfulfilled Promises

23 hours ago
BENUE ATTACK: Benue Speaker Visits Yelewata IDPs, Vows Land Protection
National

BENUE ATTACK: Benue Speaker Visits Yelewata IDPs, Vows Land Protection

1 day ago
Peter Obi, El-Rufai Will Join ADC After Party Obligations
National

Coalition not centred on a specific candidate – ADC Spokesperson, Abdullahi

1 day ago
Amaechi’s wife, Judith refutes Wike N4bn NDDC funds allegation against her
National

Amaechi’s wife, Judith refutes Wike N4bn NDDC funds allegation against her

1 day ago

POLITICS

One-party state? Danger lurks as APC is two members short of two-third majority in Senate

One-party state? Danger lurks as APC is two members short of two-third majority in Senate

1 hour ago
PDP Governors hold closed door meeting ahead of NEC session

PDP Governors hold closed door meeting ahead of NEC session

2 hours ago
2027: Obi tricked into Atiku-backed coalition — Katchy Ononuju, former aide to Obi

2027: Obi tricked into Atiku-backed coalition — Katchy Ononuju, former aide to Obi

2 hours ago
Peter Obi Free to Run in 2027 – Datti Baba-Ahmed

Peter Obi Free to Run in 2027 – Datti Baba-Ahmed

17 hours ago
Coalition and ADC will not survive – Ortom

Coalition and ADC will not survive – Ortom

2 days ago
Governor Adeleke Denies PDP Defection Rumour

Governor Adeleke Denies PDP Defection Rumour

2 days ago

YOUR ECONOMY

Naira depreciates against dollar twice in one week
Economy

Naira depreciates against dollar twice in one week

1 day ago
Dangote Refinery Drops Pump Prices Again with a Price Range between 875 and ₦905 Nationwide
Economy

Dangote Refinery Targets 700,000 BPD Capacity by Year-End

4 days ago
Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally
Economy

Nigerian Stock Market Gains N833bn as Dangote, BUA Lead Rally

6 days ago
Dangote Refinery Begins Distribution of Petrol Nationwide
Economy

Marketers kick against Dangote’s plan to crash price of cooking gas

1 week ago
Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion
Economy

Senate Threatens Arrest of NNPCL Boss over missing N210 Trillion

4 weeks ago
IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s
Economy

IPMAN: Dangote’s New Delivery Plan Will Bring Cheaper Fuel to Nigerians’s

1 month ago

E & P

Will Osimhen Leave Turkey in January? Galatasaray Coach Provides Update on Napoli Loan Future
Sports

Breaking News: Victor Osimhen finally joins Galatasaray in summer transfer

by Steven Atogi
3 days ago
0

After weeks of intense negotiations, Galatasaray has finally secured a €75 million transfer deal for Victor Osimhen. The Victor Osimhen...

Inter Milan Target Ademola Lookman in €40m Transfer Bid

Inter Milan Target Ademola Lookman in €40m Transfer Bid

6 days ago
Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages

Update: Speed Darlington sues NAPTIP, demands N3billion for alleged damages

1 week ago
Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Osimhen Asks Napoli to Clear Path for Galatasaray Move – Mustafa Göksu

1 week ago
Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

Victor Osimhen Transfer Drama Escalates as Napoli Rejects Galatasaray’s Third Bid

2 weeks ago
Oliseh Warns Osimhen Against Galatasaray Return, Urges Premier League Move

Oliseh Warns Osimhen Against Galatasaray Return, Urges Premier League Move

2 weeks ago

YOUR THOUGHT & HISTORY

Tribute to Old Port Harcourt Boy (Peter Rufai)
Columns

Tribute to Old Port Harcourt Boy (Peter Rufai)

by Tonye Orabere
4 days ago
A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent
Columns

A Democracy Strained: Buhari’s Human Rights Record and the Repression of Dissent

by Odini Brains
1 week ago
El-Rufai Plans New Party as ADC Backup Against APC Interference
Columns

The Shadow Strategist: El-Rufai, the Illusion of Power, and 2027’s Looming Reckoning

by Odini Brains
3 weeks ago
Columns

Kidnapped, Silenced, Vindicated: The Full Impact of Kanu’s Judgment

by Odini Brains
4 weeks ago
The Emerging Kogi: Economic Growth Impact Transforming Better Reality
Columns

The Emerging Kogi: Economic Growth Impact Transforming Better Reality

by Kiikpoye Karibo
4 weeks ago

Who we are

Umpirenews | Latest News, Politics, Breaking News, Nigeria and African history

Welcome to Umpire News, your go-to online newspaper dedicated to broadening perspectives and expanding the horizons of our numerous readers. Read more

Browse by Category

  • Columns
  • Economy
  • Editorial
  • Entertainment
  • International
  • National
  • News
  • Opinion
  • Politics
  • Sports
  • Trends

Recent News

One-party state? Danger lurks as APC is two members short of two-third majority in Senate

One-party state? Danger lurks as APC is two members short of two-third majority in Senate

July 24, 2025
PDP Governors hold closed door meeting ahead of NEC session

PDP Governors hold closed door meeting ahead of NEC session

July 24, 2025
  • About Us
  • Contact Us
  • Privacy & Policy

© 2024 Copyright Umpirenews. All rights reserved

No Result
View All Result
  • Home
  • National
  • Economy
  • Politics
  • Sports
  • Entertainment
  • Editorial
  • Opinion
  • Columns

© 2024 Copyright Umpirenews. All rights reserved

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
🤑Join & Get Our Easter Gifts 🤑

Enter your NAME & Email NOW!!

Be among the 1st 100 lucky WINNERS to win our Amazing GIFTs this Easter Period as you READ our Daily hot NEWs & make meaningful comments and follow us on our social media handles.

Name
Enter your email address