Nigerian billionaire businessman Femi Otedola has praised President Bola Tinubu’s decision to impose a 15 % import tariff on petrol and diesel, calling it “bold and decisive.” The policy, announced by Tinubu, is intended to protect local refineries and stabilise the downstream petroleum market, thereby securing and sustaining investment in the sector.
Otedola highlighted that Nigeria’s industrial base has been weakened by unchecked imports of cheaper, often substandard goods, which have crippled textiles, vehicle assembly and manufacturing. He warned that the country cannot afford to repeat this history now that it has the capacity to meet its own petrol and diesel needs. The tariff is expected to safeguard the billions of dollars invested in refining infrastructure and underscore the government’s commitment to industrialisation, job creation and a sustainable energy future.
According to Otedola, the 15 % tariff will also help establish a stable pricing regime, contributing to better inflation control and long‑term economic stability. While analysts caution that the measure could raise pump prices for consumers, Otedola commended Tinubu’s use of policy as a catalyst for economic transformation. He praised the president’s focus on empowering local producers and promoting value addition, describing it as the visionary leadership needed to steer Nigeria toward its ambition of becoming a $1 trillion economy.
The implementation of the tariff marks a significant development in Nigeria’s energy sector, and its impact will be closely watched by industry stakeholders and consumers alike. As the nation navigates ongoing economic challenges, the government’s dedication to protecting local industries and fostering sustainable development will be crucial in shaping Nigeria’s economic future. With this policy, President Tinubu has taken a decisive step toward driving growth and transformation in the country.
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