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Nigeria reversed a 15% fuel import duty just weeks after approval, citing stable supply and hoarding risks, undermining reform efforts and investor confidence.
Nigeria reversed its newly approved 15% fuel import duty just three weeks after President Bola Tinubu's endorsement, suspending the policy without formal gazetting.
The move, aimed at boosting local refining and reducing import dependence, was welcomed by domestic refiners but reversed by the NMDPRA citing stable fuel supply and hoarding risks.
The sudden change has disrupted investor confidence, raised concerns about policy consistency, and cast doubt on Nigeria’s energy reform trajectory despite its vast oil reserves.
While consumers avoided potential price hikes, the reversal highlights ongoing challenges in aligning energy policy with economic realities, particularly the inability of local refineries to access crude oil at competitive rates.
Nigeria revirtió un arancel de importación de combustible del 15% solo semanas después de su aprobación, citando la estabilidad del suministro y los riesgos de acaparamiento, socavando los esfuerzos de reforma y la confianza de los inversores.