Otedola hails Tinubu’s 15% petrol, diesel import tariff policy

Billionaire businessman, Femi Otedola, has applauded President Bola Tinubu over the implementation of a 15 per cent import tariff on petrol and diesel, saying the move will protect investments in Nigeria’s refining and energy value chain.

Otedola, in a post on X 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.

He argued 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 him, 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.

He added that 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,” the businessman concluded.

PUNCH Online had reported that Tinubu approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria.

The initiative is aimed at protecting local refineries and stabilising the downstream market, but it is likely to raise pump prices.

In a letter dated October 21, 2025, reported publicly on October 30, 2025, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, Tinubu directed immediate implementation of the tariff as part of what the government described as a “market-responsive import tariff framework.”

The Special Adviser to the President on Media and Public Communications, Sunday Dare, on his official X handle said the new policy is “a bridge, not a burden,” aimed at transforming Nigeria’s petroleum landscape and securing long-term economic stability.

He described the policy as a strategic measure to end Nigeria’s dependence on imported fuel and accelerate the country’s path to energy self-sufficiency.(punch)