Billionaire Femi Otedola has commended President Bola Tinubu for his bold and decisive step in implementing a 15% import tariff on petrol and diesel.
In a statement posted on his X page on Monday, the business mogul called the policy a crucial measure for protecting Nigeria’s burgeoning domestic refining industry.
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Otedola emphasised that the tariff is vital for safeguarding local industries that have invested substantially in production and refining capacity within the country.
He drew parallels to Nigeria’s past, noting that for decades, local sectors like textiles and manufacturing were severely damaged by the unchecked importation of cheaper and often inferior goods.
Otedola warned against allowing this history to repeat itself in the energy sector, especially now that Nigeria possesses the capability to meet its domestic fuel needs.
Otedola argued that the tariff does more than just shield the billions of dollars already poured into refining infrastructure; it also signals the government’s strong commitment to industrialisation, job creation, and fostering a sustainable energy future for the nation.
The policy, he stated, is expected to help establish a more stable and sustainable pricing regime for fuel, which will contribute to better control over inflation and overall long-term economic stability.
Otedola praised Tinubu’s leadership, specifically his ability to utilise policy as a “catalyst for economic transformation.”
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He added that the President’s focus on empowering local producers and promoting value addition aligns with the visionary leadership necessary for Nigeria to achieve its ambitious goal of becoming a $1 trillion economy.
