Nigerian oil magnate, Femi Otedola, has applauded President Bola Tinubu for the bold and decisive step to implement a 15% import tariff on petroleum and diesel.
Otedola, gave the commendation in a statement posted on his X handle on Monday.
Recall that President Bola Tinubu, last week gave presidential approval for a 15% ad-valorem import duty on diesel and Premium Motor Spirit (PMS), popularly called petrol.
The tariff is aimed at reinforcing national energy security, safeguarding local refining capacity, stabilising the downstream market, and ensuring a fair and competitive pricing environment, in line with President Bola Tinubu’s Renewed Hope Agenda.
While commending the President, Otedola said the policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.
According to him, the policy would also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability.
“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.
“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.
Otedola further explained that the 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 the nation.
“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 added.
