Billionaire entrepreneur Femi Otedola has applauded President Bola Tinubu for introducing a 15 per cent import tariff on petrol and diesel, calling the measure “bold and decisive.”
In a statement shared on his official X account on Monday, Otedola said the policy was a vital step towards safeguarding local refineries and encouraging long-term investment in Nigeria’s downstream petroleum industry.
The new tariff is designed to protect domestic refineries and stabilise the fuel market, though experts have cautioned that it could drive up pump prices for consumers.
Otedola praised the president’s decision, noting that it would strengthen local industries that have invested heavily in refining and production.
“For years, Nigeria’s industrial sector has suffered due to the influx of cheap and substandard imports, which destroyed thriving industries like textiles, vehicle assembly, and manufacturing,” he wrote.
He stressed that Nigeria now has the capacity to meet its own fuel demand, making it essential to protect the energy sector from similar decline.
According to him, the tariff will secure billions of dollars invested in refining projects, create employment, and drive industrial growth. It will also help maintain stable pricing, curb inflation, and promote long-term economic stability.
“President Tinubu’s ability to use policy as a tool for economic transformation is truly commendable,” Otedola added. “His commitment to empowering local producers and promoting value addition shows the visionary leadership needed to guide Nigeria towards becoming a $1 trillion economy.”