Billionaire businessman Femi Otedola has applauded President Bola Ahmed Tinubu’s recent decision to impose a 15% import tariff on petrol and diesel, describing it as a bold measure to protect Nigeria’s domestic refining sector.

In a statement, Otedola said the policy safeguards billions of dollars already invested in local refining infrastructure and encourages industrialisation.

“I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 per cent import tariff on petrol and diesel,” Otedola said. “This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”

The businessman further highlighted the tariff’s potential to stimulate economic growth, create jobs, and ensure a stable energy pricing regime. He noted that empowering local producers and promoting value addition is essential for Nigeria’s ambition of becoming a $1 trillion economy.

Otedola also cautioned against repeating past mistakes that undermined Nigeria’s industrial base due to unchecked imports of cheaper goods, particularly in sectors like textiles, local vehicle assembly, and manufacturing.

“For decades, Nigeria’s industrial base has suffered from the unchecked importation of cheaper and often substandard goods. 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.

The 15% import duty, approved by Tinubu, aims to protect local refineries, stabilise the downstream petroleum market, and reinforce long-term economic sustainability.