Billionaire businessman and energy investor Femi Otedola, who serves as the Chairman of First Holdco Plc, has applauded President Bola Ahmed Tinubu for implementing a 15 per cent import tariff on petrol and diesel, describing the policy as a bold step toward protecting Nigeria’s refining and energy investment landscape.
Otedola, one of Africa’s most prominent entrepreneurs and a key player in the downstream and power sectors, made this known in a post on X (formerly Twitter) on Monday. He said the policy is a “crucial move” that would safeguard local industries from being undermined by cheaper foreign 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.
According to him, the decision underscores Nigeria’s growing self-reliance in energy production, especially at a time when the country possesses significant refining capacity through projects such as the Dangote Refinery in Lagos and other modular refineries across different regions.
Okay News reports that the Nigerian government recently approved the introduction of the 15 per cent ad-valorem duty to protect local refineries and stabilize the downstream petroleum market. The measure forms part of a broader “market-responsive import tariff framework” aimed at supporting industrial growth and energy self-sufficiency.
Otedola further warned against the repetition of past mistakes that crippled Nigeria’s industrial base through unrestricted importation of cheaper 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,” he noted.
“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 stressed that the tariff would not only encourage domestic investment but also provide a stable pricing structure that contributes to inflation control and long-term economic stability.
“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.
Otedola commended President Tinubu’s economic direction, stating that his administration’s policies reflect a commitment to building a self-reliant and investor-friendly economy capable of achieving Nigeria’s ambition of becoming a $1 trillion economy within the decade.
“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,” Otedola concluded.
Meanwhile, the Special Adviser to the President on Media and Public Communications, Sunday Dare, described the tariff as “a bridge, not a burden,” emphasizing that the initiative is designed to end Nigeria’s dependence on imported fuel while strengthening energy security and long-term stability.
