Billionaire businessman Femi Otedola has hailed President Bola Tinubu’s decision to introduce a 15% import tariff on petrol and diesel, describing it as a bold policy shift to protect Nigeria’s emerging refining industry and secure long-term economic growth.
In a statement made available to The News Chronicle on Monday , Otedola said the move would prevent a repeat of the decades-long industrial decline triggered by cheap and substandard imports that crippled local textile, auto-assembly, and manufacturing sectors.
“With Nigeria now capable of meeting its fuel needs locally, it is essential to shield the billions of dollars already invested in refining and energy infrastructure,” he said, noting that the tariff underscores the government’s drive to spur industrialisation, expand job creation, and stabilise the economy.
According to him, the measure will also support a predictable pricing regime, help tame inflation, and create a more sustainable energy market.
“President Tinubu’s use of strategic policy to catalyse economic transformation is commendable,” Otedola said. “His focus on empowering local producers and promoting value addition is the visionary leadership needed to propel Nigeria toward its $1 trillion economy target.”
