Yemi Obafemi
Billionaire businessman, Femi Otedola, has applauded President Bola Ahmed Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing the move as bold, decisive, and crucial to Nigeria’s industrial and economic growth.
Otedola, who stated this in a post on his X (formerly Twitter) handle, said the policy underscores the Federal Government’s commitment to promoting industrialisation, job creation, and energy sustainability.
He noted that the tariff represents “a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”
“This tariff not only protects the billions of dollars already invested in refining infrastructure but also underscores the government’s commitment to driving industrialisation, creating employment, and building a sustainable energy future for our nation,” Otedola wrote.
He added that the policy would help establish a stable and sustainable pricing regime, contributing to inflation control and long-term economic stability.
According to him, Nigeria’s industrial base has long suffered from the unchecked importation of cheaper and substandard goods, which crippled once-thriving sectors such as textiles, 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 cautioned.
Otedola further praised President Tinubu’s “ability to deploy policy as a catalyst for economic transformation,” saying his focus on empowering local producers and promoting value addition within Nigeria reflects visionary leadership.
He concluded that such measures are essential to achieving the administration’s goal of transforming Nigeria into a $1 trillion economy.
