Billionaire businessman Femi Otedola has commended President Bola Tinubu for introducing a 15% import tariff on petrol and diesel, describing it as a strategic decision to protect Nigeria’s refining and energy industries.
In a post on X on Monday, Otedola hailed the policy as “a crucial move” to shield the country’s industrial sector from being weakened by cheaper 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 wrote.
Otedola warned that Nigeria must avoid repeating the mistakes of the past, when cheaper foreign products crippled key local industries.
He noted that for decades, the country’s industrial base had been weakened by the unrestricted importation of low-cost, substandard goods, which devastated once-flourishing sectors like 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 stated.
Otedola further stated that the 15% import tariff would give investors confidence and promote long-term price stability in Nigeria’s energy market.
According to him, the policy would help create a stable and sustainable pricing framework, aiding efforts to control inflation and ensure economic stability.
He added that President Tinubu’s policy direction demonstrates the kind of economic foresight necessary to move Nigeria closer to its goal of becoming 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 said.
In a letter dated October 21, 2025, and made public on October 30, 2025, President Bola Tinubu directed the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately implement the 15% import tariff as part of what the government called a “market-responsive import tariff framework.”
The Special Adviser to the President on Media and Public Communications, Sunday Dare, described the new policy on his official X handle as “a bridge, not a burden,” emphasizing that it is designed to transform Nigeria’s petroleum sector and ensure long-term economic stability.
Dare further explained that the measure represents a strategic step toward ending Nigeria’s reliance on imported fuel and accelerating the nation’s journey toward energy self-sufficiency.
