Billionaire businessman, Femi Otedola, has commended President Bola Tinubu for implementing a 15 percent import tariff on petrol and diesel, describing the move as “bold and decisive.”
In a post on his official X handle on Monday, Otedola said the policy was crucial to securing and sustaining investments in Nigeria’s downstream petroleum sector.
According to him, the import tariff will help protect local refineries, promote industrialisation, and ensure stability in the petroleum market.
“I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 percent 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 stated.
The billionaire businessman argued that Nigeria’s industrial base had suffered for decades due to unchecked importation of cheaper and substandard goods, which weakened key sectors such as textiles, automobile assembly, and manufacturing.
He said the new tariff would prevent a similar fate for the energy sector, where the country now has the capacity to meet its fuel demand locally.
“This tariff not only protects the billions of dollars already invested in refining infrastructure but also underscores the government’s commitment to driving industrialisation, creating employment, and building a sustainable energy future for our nation,” Otedola added.
He further noted that the policy would help stabilise fuel prices, control inflation, and promote long-term economic growth, describing Tinubu’s economic leadership as visionary and transformative.
“President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable. His focus on empowering local producers and promoting value addition within Nigeria exemplifies the kind of leadership needed to achieve our ambition of becoming a $1 trillion economy,” he said.
Analysts, however, have cautioned that the policy could lead to an increase in pump prices for consumers once implemented.
