Billionaire businessman, Femi Otedola, has applauded President Bola Tinubu over the implementation of a 15 per cent import tariff on petrol and diesel, saying the move will protect investments in Nigeria’s refining and energy value chain.
Otedola, in a post on X on Monday, described the tariff policy as “a crucial move” that would prevent the Nigerian industrial sector 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.
He argued that Nigeria cannot afford a repeat of past eras where cheaper foreign goods collapsed entire sectors.
“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.
According to him, the tariff will provide certainty for investors and support long-term price 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,” Otedola added.
