Says policy will protect local refineries, strengthen energy security, and boost investor confidence…
Billionaire businessman Femi Otedola has commended President Bola Tinubu for implementing a 15 percent import tariff on petrol and diesel, describing the policy as a bold step toward safeguarding Nigeria’s energy sector and protecting local investments.
In a post shared on his official X (formerly Twitter) account on Monday, Otedola said the measure would help prevent the nation’s industrial sector from being undermined by cheaper foreign imports.
“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 wrote. “This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”
“Nigeria cannot afford to repeat past mistakes”
The business mogul warned that Nigeria must avoid a repeat of the past when unregulated importation of cheaper goods crippled once-thriving local industries.
“For decades, Nigeria’s industrial base suffered from unchecked importation of cheaper and often substandard goods, a practice that collapsed entire sectors such as textiles, vehicle assembly, and manufacturing,” he noted. “We cannot afford to allow history to repeat itself within the energy sector, especially now that Nigeria has the capacity to meet its petrol and diesel needs locally.”
Otedola explained that the tariff policy would create market stability and certainty for investors, supporting sustainable pricing in the domestic energy market and promoting long-term economic growth.
“This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability,” he added.
Tinubu’s vision for a $1 trillion economy
Otedola further praised the President’s approach to economic management, describing it as the kind of visionary leadership required to drive Nigeria toward its ambition of building a $1 trillion economy.
“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 leadership needed to steer our nation toward realizing its economic potential,” he said.
Background: 15% import duty directive
President Tinubu had, in a letter dated October 21, 2025, and made public on October 30, directed the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to immediately implement a 15 percent ad-valorem import duty on petrol and diesel.
The directive, part of what the government described as a “market-responsive import tariff framework,” aims to protect local refineries, encourage domestic production, and stabilize the downstream petroleum market.
However, analysts have cautioned that while the policy could boost refinery competitiveness, it may also raise pump prices in the short term.
In a statement on X, Sunday Dare, the President’s Special Adviser on Media and Public Communications, said the tariff should be viewed as “a bridge, not a burden,” describing it as a strategic move to end fuel import dependence and promote energy self-sufficiency.
“The new policy is aimed at transforming Nigeria’s petroleum landscape and securing long-term economic stability,” Dare said.
