NNPC Seeks ECOWAS Tariff Harmonisation On Non-oil Products
The Chief Operating Officer, Upstream, of the Nigeria National Petroleum Corporation (NNPC), Dr Bello Rabiu, has stressed the need for harmonisation of tariff on non-ECOWAS goods to promote better economic cooperation with regards to non-oil exports.
Rabiu made the observation during a panel session tagged: How Nigerian and West African Market can better Compete in a Weak and Disruptive oil Market at the West African International Petroleum Exhibition and Conference (WAIPEC) organised by the Petroleum Technology Association of Nigeria (PETAN) .
Rabiu who was represented by Dr Siky Aliyu, Managing Director, National Engineering and Technical Company (NETCO) said that the harmonization will expectedly counter the effects of smuggling across the ECOWAS borders.
According to him, The tariff harmonization will spur coastal countries to work towards making their ports preferred import destinations to attract greater trade flows and by extension fiscal revenues.
He said, that it will promote trade amongst West African countries and by extension ECOWAS can forge partnerships with Europe, Asia etc. for the export of their Agricultural produce. Rabiu aid that there is urgent need to diversify the West African economy base to be able to handle shocks caused by oil prices.
“In terms of economic and trade cooperation amongst ECOWAS countries, the recently proposed Niger -Kaduna Refinery crude export pipeline offers a panacea for landlocked West-African countries.
And such should be promoted as it acts as an alternative source of crude supply to an existing ready market”, he said, adding that similar infrastructure running from Chad to Cameroun’s Atlantic coast is in operation.
Rabiu also said that there is need for new investment in refining capacity to grow and sustain internal consumption and promote external trade amongst West-African countries.
He spoke of plans to increase capacities in Nigeria, Ivory Coast and Niger Republic, with regards to the Nigeria, private-sector led Dangote Refinery which is proposed as a 650,000bopd in Lekki, Lagos. “Aside this, NNPC’s plan is to rehabilitate, revamp and upgrade all existing refineries to ensure that by 2019 there would be no more product import.