Femi Otedola Commends Tinubu’s 15% Import Tariff Policy

Renowned Nigeria billionaire businessman and energy investor, Femi Otedola, has praised President Bola Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing it as a bold and decisive move that would safeguard Nigeria’s refining and energy sectors.

In a post shared on X (formerly Twitter) on Monday, Otedola said the policy would prevent Nigeria’s industrial base from being undermined by cheaper imported fuel products, which have historically crippled local industries.

“I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 per cent import tariff on petrol and diesel,” he wrote.

“This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”

The businessman, who has significant interests in Nigeria’s energy and power sectors, argued that the country must avoid a repeat of earlier economic downturns caused by unregulated importation of foreign goods.

“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,” Otedola said.

“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 maintained that the import tariff would restore investor confidence, encourage local production, and ensure price stability in the energy market.

“This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability,” he noted.

He added that the certainty created by the policy would encourage further investment in refining, distribution, and the broader energy value chain.

According to Otedola, President Tinubu’s approach demonstrates the type of visionary leadership needed to move Nigeria toward its ambition of becoming a $1 trillion economy.

“President Tinubu’s ability to deploy policy as a catalyst for economic transformation is truly commendable,” Otedola said.

“His focus on empowering local producers and promoting value addition within Nigeria exemplifies the type of leadership required to steer our nation towards realising its ambition of becoming a $1 trillion economy.”

President Tinubu recently approved a 15 per cent ad-valorem import duty on petrol and diesel as part of what the government described as a market-responsive import tariff framework.

The directive, contained in a letter dated October 21, 2025, and made public on October 30, was addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).

According to the government, the new tariff aims to protect local refineries, stabilise the downstream petroleum market, and end Nigeria’s long-standing dependence on imported fuel, even though it may temporarily increase pump prices.

The President’s Special Adviser on Media and Public Communications, Sunday Dare, described the import tariff as “a bridge, not a burden.”

“The new policy is aimed at transforming Nigeria’s petroleum landscape and securing long-term economic stability,” Dare wrote on his official X handle.

He explained that the measure was a strategic reform to fast-track Nigeria’s journey toward energy self-sufficiency and protect billions of dollars invested in local refining projects.