Femi Otedola commends Tinubu’s 15% fuel tariff, calling it a bold step to protect Nigeria’s refineries and strengthen the nation’s economic future
Femi Otedola has commended President Bola Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing the policy as a bold and crucial move to safeguard Nigeria’s refining industry and energy value chain.
Also read: Femi Otedola praises bold tariff move
In a statement posted on X on Monday, the billionaire businessman said the measure would prevent Nigeria’s industrial base from being undermined by cheaper imported fuels.
“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,” Otedola stated.
The energy magnate argued that Nigeria could no longer afford to allow cheaper foreign imports to cripple its domestic production, recalling how unrestricted imports once devastated the country’s textile, manufacturing, and vehicle assembly sectors.
“For decades, Nigeria’s industrial base has suffered from unchecked importation of cheaper and often substandard goods, which crippled once-thriving sectors.
We cannot allow history to repeat itself in the energy sector, especially now that we have the capacity to meet our petrol and diesel needs locally,” he added.
Otedola noted that the tariff would give investors confidence, support long-term price stability, and create a foundation for sustainable growth 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 said.
He further praised Tinubu’s economic vision, saying it demonstrates the kind of leadership required to move Nigeria closer to its ambition of achieving 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 exemplifies the visionary leadership needed to realise Nigeria’s trillion-dollar ambition,” Otedola concluded.
President Tinubu had earlier approved a 15 per cent ad-valorem import duty on petrol and diesel, aimed at protecting local refineries and stabilising the downstream petroleum market.
A presidential directive dated October 21, 2025, and publicly released on October 30, 2025, instructed the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority to implement the new tariff under a “market-responsive import tariff framework.”
Also read: Femi Otedola hails Dangote over refinery expansion
Tinubu’s media adviser, Sunday Dare, described the measure as “a bridge, not a burden,” highlighting that it marks a strategic step toward ending Nigeria’s dependence on imported fuel and securing long-term economic stability.
