Otedola Hails Tinubu’s 15% Import Tariff as Bold Step to Protect Local Refineries and Drive Industrial Growth

Billionaire businessman and energy mogul Femi Otedola has commended President Bola Ahmed Tinubu for implementing a 15 per cent import tariff on petrol and diesel, describing the move as a “bold and decisive” step toward strengthening Nigeria’s energy sector and economy.

In a statement posted on his official X (formerly Twitter) account on Monday, Otedola said the new tariff policy was essential for safeguarding investments in the country’s downstream oil sector and ensuring the sustainability of domestic refining operations.

The tariff, which aims to protect local refineries and stabilise the downstream petroleum market, has been widely viewed as a strategic intervention to encourage self-sufficiency in fuel production. However, some analysts have cautioned that the policy might lead to a short-term increase in pump prices.

“I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 per cent import tariff on petrol and diesel,” Otedola stated.

“This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity,” he added.

The billionaire businessman highlighted how decades of unregulated importation had crippled Nigeria’s industrial base, affecting sectors such as textiles, automobile 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 said.

He noted that the new tariff not only protects billions of dollars invested in refining infrastructure but also reinforces the government’s resolve to promote industrialisation, job creation, and sustainable economic growth.

According to him, the policy would also help stabilise fuel pricing, enhance inflation control, and contribute to long-term macroeconomic stability.

“President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable,” Otedola remarked.

He further praised the administration’s commitment to empowering local producers and promoting value addition within the country, describing it as the type of visionary leadership needed to move Nigeria toward its goal of becoming a $1 trillion economy.