Nigerian businessman Femi Otedola has voiced his support for President Bola Ahmed Tinubu’s decision to impose a 15 % import duty on petrol and diesel. In a statement, Otedola argued that the tariff will protect the substantial investments made in refining infrastructure and demonstrate the government’s commitment to industrialisation, job creation and a sustainable energy future for Nigeria. He added that the policy should help establish a stable and sustainable pricing regime in the downstream oil sector and warned that the country cannot afford to repeat past mistakes now that it has the capacity to meet its own petrol and diesel needs locally.
Otedola praised President Tinubu for taking a bold, decisive step, describing it as crucial for safeguarding local industries that have invested heavily in domestic production and refining capacity. The 15 % import duty is expected to have a significant impact on the Nigerian economy, although reactions have been mixed. Some experts, such as Muda Yusuf and Bismarck Rewane—the CEOs of the Centre for the Promotion of Private Enterprise and Financial Derivatives Company Limited—have backed the policy, while APC chieftain Ayiri Emami of Delta State condemned it, saying it would hurt Nigerians.
Currently, Nigerians purchase petrol at between ₦945 and ₦960 per litre in Abuja, and the new tariff could lead to higher fuel prices nationwide once implemented. The policy forms part of the government’s broader effort to drive economic transformation and promote local production, aligning with its ambition to become a $1 trillion economy. As the 15 % import duty on petrol and diesel is rolled out, its implications for the economy and the energy sector will need close monitoring. With the backing of prominent businessmen like Femi Otedola, the government’s push for economic transformation and sustainable development is likely to gain further momentum.
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