Billionaire businessman, Femi Otedola, has commended President Bola Tinubu for implementing a 15 per cent import tariff on petrol and diesel, describing it as a crucial policy to safeguard investments in Nigeria’s refining and energy value chain.
In a post shared on X (formerly Twitter) on Monday, Otedola said the tariff move would prevent Nigeria’s industrial sector from being undermined by cheaper fuel 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,” Otedola stated.
He noted that Nigeria cannot afford to repeat past economic mistakes that led to the collapse of several industries due to cheaper foreign goods.
“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,” he said.
According to the billionaire, the import tariff will boost investor confidence, stabilize domestic prices, and ensure long-term economic sustainability.
“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.
He further stated that Tinubu’s economic policies demonstrate visionary leadership focused on empowering local producers and transforming Nigeria into a $1 trillion economy.
“President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable. His focus on empowering local producers and promoting value addition within Nigeria exemplifies the type of visionary leadership required to steer our nation towards realizing its ambition of becoming a $1 trillion economy,” he concluded.
President Tinubu had earlier approved a 15 per cent ad-valorem import duty on petrol and diesel imports, aimed at protecting local refineries and stabilising the downstream oil market.
A letter dated October 21, 2025, and publicly disclosed on October 30, 2025, directed the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to begin immediate implementation of the tariff under a market-responsive import framework.
The Special Adviser to the President on Media and Public Communications, Sunday Dare, said the policy is “a bridge, not a burden,” adding that it will help end Nigeria’s dependence on imported fuel and accelerate energy self-sufficiency.
