Billionaire businessman Femi Otedola has applauded President Bola Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing the move as a bold step to protect investments in Nigeria’s refining and energy value chain.
In a post on X on Monday, Otedola said the tariff policy was “a crucial move” to shield the country’s industrial and energy sectors from being undermined by cheaper foreign imports.
“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,” he wrote.
The business mogul warned that Nigeria could not afford a repeat of past decades when uncontrolled importation of cheaper and substandard goods crippled key sectors such as textiles, vehicle assembly, and manufacturing.
He said the tariff would help provide stability for investors in the energy sector and promote long-term price certainty, contributing to a more predictable operating environment.
“This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability,” Otedola added.
Otedola further stated that Tinubu’s approach reflects the type of economic vision required to push Nigeria toward its target of becoming a $1 trillion economy. He praised the President’s focus on empowering local producers and promoting value addition as a model of visionary leadership.
Tinubu had approved the 15 per cent ad-valorem import duty to protect local refineries and stabilise the downstream petroleum market, a policy expected to strengthen local production, though it may also raise pump prices.