Femi Otedola Commends President Tinubu’s 15% Import Tariff On Petrol, Diesel

Billionaire businessman and Chairman of Geregu Power Plc, Femi Otedola, has applauded President Bola Ahmed Tinubu for his “bold and decisive” implementation of a 15 per cent import tariff on petrol and diesel, describing the move as a landmark policy to protect Nigeria’s growing refining and energy sectors.

In a statement issued on Monday, Otedola said the new tariff policy represents “a crucial step towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”

He noted that for decades, Nigeria’s industrial base had suffered from the “unchecked importation of cheaper and often substandard goods,” a practice that 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,” Otedola said.

According to him, the tariff would not only protect the billions of dollars already invested in local refining infrastructure but also reinforce the government’s commitment to industrialisation, job creation, and a sustainable energy future for the nation.

He further stated that the policy would help establish a stable and sustainable pricing regime for petroleum products, thereby contributing to greater control of inflation and long-term economic stability.

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

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

The 15 per cent import tariff policy, announced last week, is part of the administration’s ongoing effort to encourage domestic refining and reduce dependence on imported petroleum products.