Billionaire businessman and energy investor, Femi Otedola, has lauded President Bola Ahmed Tinubu for approving a 15 percent import tariff on petrol and diesel, describing the decision as a bold and visionary move aimed at protecting Nigeria’s domestic refining sector and stimulating economic growth.
In a statement shared on his verified X (formerly Twitter) account, Otedola said the policy would safeguard billions of dollars invested in Nigeria’s local refining industry while positioning the country to become more self-reliant in fuel production.
“President Tinubu’s 15 percent fuel import tariff policy is a crucial step towards protecting our refining and industrial investments. For too long, our economy has suffered from overreliance on imports that stifle local capacity. This policy will help restore balance, create jobs, and strengthen our economy,” Otedola stated.
The Federal Government, through a presidential directive dated October 21, 2025, approved the tariff as part of efforts to encourage local refining and reduce dependence on imported petroleum products. The move aligns with Tinubu’s broader economic reform agenda aimed at transforming Nigeria into a $1 trillion economy by expanding industrial productivity and ensuring value addition within the energy sector.
Otedola, who has long advocated for the revival of Nigeria’s refineries, emphasised that protecting local industries through strategic policies is key to long-term stability. He cited examples from other developing economies that used tariffs to stimulate local production before opening their markets fully to international competition.
While many in the energy sector have applauded the decision, critics have warned that the tariff could lead to higher fuel pump prices, potentially pushing the cost of petrol up by ₦100 to ₦200 per litre due to additional import and forex costs.
Economic analysts, however, argue that the short-term pain could yield long-term benefits if local refineries—especially the Dangote Refinery and government-owned facilities in Port Harcourt, Warri, and Kaduna—operate at full capacity.
Industry watchers also note that Otedola’s endorsement adds significant credibility to the policy, given his experience and investments in the energy sector. His statement reflects growing private-sector confidence in the administration’s economic direction.
“The President’s decision shows courage and foresight,” Otedola added. “It’s time to build an economy that rewards productivity, not import dependence.”
The policy forms part of a broader plan by the Tinubu administration to reduce fuel importation, stabilise the naira, and drive industrialisation through local value creation.
Written By:Subair Damilare Adebayo
