The House of Representatives Committee on Power has proposed a special levy on imported finished goods as a measure to reduce Nigeria’s dependence on foreign products and encourage local production.
The committee’s chairman, Victor Nwokolo, who represents Eka North East/Eka South Federal Constituency of Delta State, made this known on Monday during a facility tour of Metering Solutions and Manufacturing Services in Onna Local Government Area, Akwa Ibom State.
Speaking on the need to protect the local economy, Nwokolo expressed concern over Nigeria becoming a dumping ground for foreign goods due to excessive importation.
“There are levies which people pay when bringing cars into the country. When you import cars, you pay special levies. We will explore ways to ensure those bringing in finished goods also pay special levies to the government because this is the only way we can discourage them from flooding the country with imported products. The influx of finished goods has turned Nigeria into a dumping ground,” Nwokolo stated.
The lawmaker commended President Bola Tinubu and the Minister of Power, Adebayo Adelabu, for their efforts in tackling the nation’s power sector challenges, adding that the administration had shown a strong commitment to improving the sector despite political differences.
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“Whether we like it or not, President Bola Tinubu’s government is determined to improve the lives of Nigerians. I can confidently say he is paying close attention to the power sector. As for the Minister of Power, Adebayo Adelabu, his performance speaks for itself. Whether we like it or not, we must acknowledge that he and President Tinubu have tackled the root causes of Nigeria’s power sector problems,” he said.
Nwokolo also highlighted a positive shift in investor confidence, revealing that banks, which previously avoided lending to the power sector due to poor revenue inflow, were now approaching electricity distribution companies (Discos) with loan offers.
During the visit, the Managing Director of Metering Solutions, Tolulope Ogunkolade, lamented that the federal government had yet to fully utilise the company’s production capacity despite its significant investments.
Ogunkolade further criticized the awarding of contracts for the supply of 1.3 million meters to Chinese firms, stating that it came at the expense of indigenous manufacturers.
With the proposed levy, the House of Representatives aims to prioritize local industries, conserve foreign exchange, and strengthen Nigeria’s manufacturing sector.
Source: Ripples