Popular Billionaire businessman, Femi Otedola, has hailed President Bola Tinubu for implementing a 15 per cent import tariff on petrol and diesel. He recently revealed that the decision will safeguard investments in Nigeria’s refining and energy value chain.
In a post shared on X, Otedola wrote that the tariff policy is a vital move that would prevent the Nigerian industrial sector from being undermined by cheaper imports.
According to him, Nigeria cannot afford a repeat of past years, where cheaper foreign goods completely collapsed entire sectors; therefore, Tinubu’s move is a welcome development.
He stated that the local industries that have made investments in domestic production deserve to be rewarded.
“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.
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,” he wrote.
Stressing that the tariff will ease the doubts of investors, Otedola noted that it will also support long-term price stability in the domestic energy market.
He concluded by saying that Tinubu’s economic vision will help push Nigeria closer to its target of a $1 trillion economy.
“This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability.
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,” he added.
