Nigerian billionaire businessman Femi Otedola has commended President Bola Tinubu’s decision to implement a 15% import tariff on petrol and diesel, describing it as “bold and decisive”. The policy aims to protect local refineries and stabilize the downstream petroleum market. According to Otedola, this move is crucial for securing and sustaining investments in the sector.

The new policy, announced by President Tinubu, seeks to safeguard local industries that have invested heavily in domestic production and refining capacity. Otedola noted that Nigeria’s industrial base has suffered from unchecked importation of cheaper and often substandard goods, which has crippled sectors such as textiles, vehicle assembly, and manufacturing. He emphasized that the country cannot afford to allow history to repeat itself, particularly now that Nigeria has the capacity to meet its petrol and diesel requirements locally.

The 15% import tariff is expected to protect the billions of dollars invested in refining infrastructure and underscore the government’s commitment to driving industrialization, creating employment, and building a sustainable energy future. Otedola also believes that the policy will help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability.

While analysts have cautioned that the policy may lead to an increase in pump prices for consumers, Otedola commended President Tinubu’s ability to deploy policy as a catalyst for economic transformation. He praised the president’s focus on empowering local producers and promoting value addition within Nigeria, which exemplifies the type of visionary leadership required to steer the nation towards realizing its ambition of becoming a $1 trillion economy.

The implementation of the 15% import tariff is a significant development in Nigeria’s energy sector, and its impact will be closely watched by industry stakeholders and consumers alike. As the country continues to navigate its economic challenges, the government’s commitment to protecting local industries and promoting sustainable development will be crucial in shaping the nation’s economic future. With this policy, President Tinubu has taken a decisive step towards driving economic growth and transformation in Nigeria.