Femi Otedola commends Tinubu’s petrol and diesel tariff as a bold step to protect local industries and create jobs in Nigeria

Femi Otedola has applauded President Bola Ahmed Tinubu for introducing a 15 per cent import tariff on petrol and diesel, calling it a bold measure to strengthen Nigeria’s domestic production.

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In a post on his X account on Monday, Otedola emphasised that the policy protects the significant investments made by local refineries and encourages broader industrialisation.

He warned that unchecked importation of cheaper, substandard goods has historically undermined sectors like textiles, vehicle assembly, and manufacturing, and could similarly impact energy if ignored.

The billionaire highlighted that the tariff safeguards billions of dollars already invested in refining infrastructure while promoting job creation, value addition, and a sustainable energy future. He added that it is likely to stabilise prices, improve inflation control, and contribute to long-term economic stability.

Otedola described Tinubu’s approach as visionary leadership, reflecting the decisive policy-making Nigeria needs to pursue its ambition of becoming a $1 trillion economy.

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This endorsement coincides with increasing attention on government efforts to reduce reliance on imported petroleum products and strengthen local production, signalling a potentially transformative shift in Nigeria’s energy sector.