Photo File: Femi Otedola

Billionaire businessman and entrepreneur, Femi Otedola, has lauded President Bola Ahmed Tinubu for implementing a 15 per cent import tariff on petrol and diesel, describing the move as bold, decisive, and crucial for the nation’s industrial future.

In a post shared on his official X (formerly Twitter) handle today, Otedola said the policy was a key step toward safeguarding investments in Nigeria’s downstream oil sector, protecting local refineries, and stabilising the domestic petroleum market.

According to him, the tariff represents “a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”

“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,” Otedola wrote.

“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.”

The business mogul, who has significant interests in the energy sector, said the tariff would protect billions of dollars already invested in refining infrastructure while advancing the government’s goals of industrialisation, job creation, and energy sustainability.

He further noted that the policy could help establish a stable and sustainable pricing regime, aiding inflation control and long-term economic stability.

“President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable,” Otedola added.

“His focus on empowering local producers and promoting value addition within Nigeria exemplifies the visionary leadership needed to steer our nation towards realising its ambition of becoming a $1 trillion economy.”

However, analysts have cautioned that while the policy is expected to strengthen local production, it may also lead to higher pump prices for consumers in the short term.