Billionaire investor and Chairman of Geregu Power Plc, Femi Otedola, has commended President Bola Ahmed Tinubu for implementing a 15 percent import tariff on petrol and diesel, describing the policy as “a bold and decisive step” toward protecting local industries and driving Nigeria’s industrialisation agenda.
In a statement released via his official X account, @realFemiOtedola, Otedola said the new tariff represents a “crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”
According to him, Nigeria’s industrial base has suffered for decades due to the unchecked importation of cheaper and often substandard goods — a trend 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,” Otedola stated.
The billionaire investor noted that the tariff would help protect billions of dollars already invested in local refining infrastructure and signal government commitment to sustainable industrial growth.
He emphasized that the policy aligns with President Tinubu’s broader objective of achieving long-term economic stability through domestic value creation.
“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 added.
Otedola further explained that the measure would contribute to establishing a stable and predictable pricing regime, curbing inflationary pressures, and enhancing macroeconomic stability.
He praised President Tinubu’s policy direction, highlighting that the administration’s focus on empowering local producers and promoting value addition within Nigeria demonstrates visionary leadership capable of steering the nation toward its goal of becoming a $1 trillion economy.
“President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable,” Otedola wrote.
“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.”
The introduction of a 15 percent import tariff on refined petroleum products comes as Nigeria continues to ramp up domestic refining capacity, led by private sector investments such as the Dangote Refinery and modular refineries nationwide.
The policy is expected to reduce import dependency, protect local jobs, and boost foreign-exchange stability in the medium term.