Billionaire businessman Femi Otedola has commended President Bola Ahmed Tinubu for implementing a 15 per cent import tariff on petrol and diesel, describing the policy as “bold and decisive” and a crucial step toward strengthening Nigeria’s energy sector.
In a statement posted on his official X (formerly Twitter) handle on Monday, Otedola said the tariff is intended to protect domestic refineries, encourage local production, and stabilise the downstream petroleum market.
“I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 per cent import tariff on petrol and diesel.
‘:This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity,” Otedola said.
He emphasised that for decades, Nigeria’s industrial base has struggled due to the unrestricted importation of cheaper and sometimes substandard products, which has negatively impacted sectors like textiles, local vehicle assembly, and manufacturing.
According to Otedola, the same scenario should not be allowed to undermine the country’s energy sector, especially now that Nigeria has the capacity to meet its petrol and diesel needs locally.
The businessman highlighted that the import tariff would not only protect billions of dollars invested in local refineries but also contribute to economic growth, industrialisation, job creation, and a more stable pricing regime for petroleum products.
“This policy will help establish a sustainable pricing structure, contributing to greater control of inflation and long-term economic stability.
”President Tinubu’s use of policy as a catalyst for economic transformation is truly commendable.
”His focus on empowering local producers and promoting value addition exemplifies the visionary leadership required to steer our nation towards becoming a $1 trillion economy,” Otedola added.
While supporters have welcomed the initiative, analysts have cautioned that the tariff could lead to higher pump prices for consumers, a potential short-term challenge for households and transport operators.
The policy comes amid broader efforts by the Tinubu administration to strengthen Nigeria’s industrial base and reduce dependence on imported goods, particularly in strategic sectors such as energy and manufacturing.
Otedola’s endorsement signals strong backing from the private sector, which has long advocated for measures that safeguard domestic investments and promote economic self-sufficiency.
