Billionaire businessman and energy mogul, Femi Otedola, has commended President Bola Ahmed Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing the policy as a “bold and decisive step” toward protecting local industries and stimulating sustainable economic growth.
In a post on his official X (formerly Twitter) handle on Monday, Otedola said the decision would help safeguard massive investments made in Nigeria’s domestic refining and production capacity, especially at a time when the country now possesses the ability to meet its energy needs locally.
“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 billionaire investor noted that the move aligns with the government’s commitment to drive industrialisation, create employment, and build a sustainable energy future for Nigeria.
Otedola warned that for decades, Nigeria’s industrial base had suffered from the influx of cheap and substandard imports that crippled key sectors such as textiles, automobile assembly, and manufacturing. He stressed that such economic mistakes should not be allowed to recur in the energy sector.
He explained that the new import tariff would not only protect existing multibillion-dollar investments in refining infrastructure but also help to stabilize fuel prices, strengthen inflation control, and ensure long-term economic stability.
“President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable,” Otedola added.
“His focus on empowering local producers and promoting value addition within Nigeria exemplifies the type of visionary leadership required to steer our nation towards realising its ambition of becoming a $1 trillion economy.”
The new import tariff, recently announced by the Federal Government, is part of ongoing reforms aimed at improving local production, reducing import dependency, and encouraging private-sector participation in Nigeria’s energy and manufacturing industries.
