Billionaire businessman and energy investor, Femi Otedola, has commended President Bola Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing the measure as a strategic step to safeguard Nigeria’s refining and energy industries.
In a statement posted on his official X handle on Monday, Otedola hailed the decision as “a crucial move” that would help protect domestic investors from being undermined by cheaper 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.
Otedola warned against the recurrence of past economic setbacks caused by unrestrained importation of cheap products that once crippled major Nigerian industries.
“For decades, Nigeria’s industrial base has suffered from the unchecked importation of cheaper and often substandard goods, a practice that crippled once-thriving sectors such as textiles, local vehicle assembly, and manufacturing.
“We cannot afford to allow history to repeat itself within the energy sector, particularly now that Nigeria possesses the capacity to meet its petrol and diesel requirements locally,” Otedola wrote.
The billionaire entrepreneur noted that the new tariff would boost investor confidence and foster long-term stability in the domestic energy market.
“This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability,” he added.
According to Otedola, President Tinubu’s decision reflects a forward-looking economic strategy capable of driving Nigeria toward its ambitious $1 trillion economy target.
“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 type of visionary leadership required to steer our nation towards realising its ambition of becoming a $1 trillion economy,” he concluded.
While the new policy aims to protect local refineries and stabilise the downstream petroleum market, analysts have cautioned that it may lead to an increase in pump prices for consumers.
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