Nigerian Businessman Femi Otedola Supports President Tinubu’s 15% Import Duty on Petrol and Diesel

Nigerian businessman Femi Otedola has expressed his support for President Bola Ahmed Tinubu’s recent decision to impose a 15% import duty on petrol and diesel. In a statement, Otedola noted that the tariff will protect the significant investments made in refining infrastructure and demonstrate the government’s commitment to driving industrialization, creating employment, and building a sustainable energy future in Nigeria.

The policy, according to Otedola, will also help establish a stable and sustainable pricing regime in the country’s downstream oil sector. He emphasized that Nigeria cannot afford to repeat the mistakes of the past, particularly now that the country has the capacity to meet its petrol and diesel requirements locally. Otedola commended President Tinubu for his bold and decisive step, stating that it represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.

The 15% import duty on petrol and diesel is expected to have a significant impact on the Nigerian economy. The policy decision has attracted mixed reactions, with some experts backing the move and others expressing concerns about its potential to increase fuel prices. The Chief Executive Officers of the Centre for the Promotion of Private Enterprise and Financial Derivatives Company Limited, Muda Yusuf and Bismarck Rewane, have supported the policy, while an All Progressives Congress (APC) chieftain in Delta State, Ayiri Emami, has condemned it, saying it would hurt Nigerians.

Currently, Nigerians buy petrol at between 945 and 960 per litre in Abuja, and the new tariff may lead to increased fuel prices nationwide when implemented. The policy decision is part of the government’s efforts to drive economic transformation and promote local production. As the implementation of the 15% import duty on petrol and diesel progresses, it is likely to have far-reaching implications for the Nigerian economy and the country’s energy sector.

The Nigerian government’s commitment to promoting local industries and reducing reliance on imported goods is a significant step towards achieving its ambition of becoming a $1 trillion economy. As the country navigates the challenges and opportunities presented by this policy, it is essential to monitor its impact on the economy and the energy sector. With the support of prominent businessmen like Femi Otedola, the government’s efforts to drive economic transformation and promote sustainable development are likely to gain momentum.