Billionaire businessman and Chairman of Geregu Power Plc, Femi Otedola, has commended President Bola Ahmed Tinubu for what he described as a bold and visionary decision to implement a 15 per cent import tariff on petrol and diesel.
In a statement issued on Monday, Otedola said the policy represents a major step towards protecting Nigeria’s growing refining industry and supporting the nation’s broader economic transformation agenda.
He noted that for decades, Nigeria’s industrial sector had suffered due to uncontrolled importation of cheaper and substandard goods, which crippled once-thriving local industries such as 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 said.
Otedola explained that the new tariff policy would safeguard the billions of dollars invested in domestic refining infrastructure, including the new privately owned and government-supported refineries now operational or nearing completion.
According to him, such protection is essential to ensure that local producers are not undermined by foreign competitors who can import products at lower costs, often due to subsidies or less stringent quality controls in their home countries.
“This tariff not only protects the billions of dollars already invested in refining infrastructure but also underscores the government’s commitment to driving industrialisation, creating employment, and building a sustainable energy future for our nation,” he said.
The billionaire industrialist added that the 15 per cent import tariff would help stabilise fuel prices and strengthen Nigeria’s control over its domestic energy market.
He argued that by reducing dependence on imported petroleum products, the country would conserve foreign exchange, improve its balance of payments, and support the naira.
“This policy will help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability,” Otedola noted.
He further praised President Tinubu for his ability to use economic policy as a tool for national transformation, describing him as a leader with the courage to make difficult but necessary decisions.
Otedola said Tinubu’s focus on empowering local producers and promoting value addition within Nigeria aligns with the administration’s broader vision to make the country a trillion-dollar economy.
“President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable,” he said. “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.”
He highlighted that policies like the import tariff are key to unlocking Nigeria’s industrial potential, creating jobs, and ensuring energy security.
The business mogul concluded by urging Nigerians to support the policy, noting that short-term adjustments would pave the way for long-term economic stability and prosperity.
