Billionaire businessman and energy investor, Femi Otedola, has commended President Bola Tinubu for introducing a 15 percent import tariff on petrol and diesel, describing the policy as a bold step toward protecting Nigeria’s refining sector and promoting sustainable economic growth.
In a post shared on his official X account on Monday, Otedola said the tariff was a “crucial move” to shield domestic industries and investors from the threat of cheaper fuel imports that could undermine Nigeria’s local refining capacity.
“I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 per cent import tariff on petrol and diesel,” Otedola wrote. “This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”
The business mogul warned against repeating the mistakes of past decades when unregulated importation of cheaper goods crippled vital sectors such as textiles and vehicle assembly. He stressed that with Nigeria now capable of meeting its fuel needs locally, protecting domestic production was essential.
Otedola added that the new tariff will provide stability for investors, strengthen price control mechanisms, and help manage inflation over the long term.
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“This policy will also help establish a stable and sustainable pricing regime, contributing to long-term economic stability,” he said, adding that Tinubu’s policy direction reflects “the visionary leadership needed to steer Nigeria toward its ambition of becoming a $1 trillion economy.”
The policy, approved by President Tinubu, aims to protect local refineries, stabilise the energy market, and enhance national self-sufficiency.
