Popular Nigerian Billionaire businessman, Femi Otedola, on Monday lauded President Bola Tinubu over the implementation of a 15 per cent import tariff on petrol and diesel, saying his action will protect investments in Nigeria’s refining and energy value chain.
Otedola, who hailed Tinubu’s move through his official X handle on Monday, described the tariff policy as “a crucial move” that would prevent the Nigerian industrial sector from being undermined by cheaper 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,” he wrote, just as he added that Nigeria cannot afford a repeat of past eras where cheaper foreign goods collapsed entire sectors.
“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,” Otedola wrote.
According to the Lagos State–born businessman, the tariff will provide certainty for investors and support long-term price stability in the domestic energy market.
“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, saying Tinubu’s approach reflects the type of economic vision needed to push Nigeria closer to its target of a $1 trillion economy.
“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 realising its ambition of becoming a $1 trillion economy,” Otedola concluded.
