Tinubu’s 15% Tariff on Imported Fuel will Boost Local Refining – Otedola

Billionaire businessman, Femi Otedola, has applauded President Bola Tinubu for approving a 15 per cent import tariff on petrol and diesel, describing the move as a bold step toward protecting Nigeria’s growing refining capacity and industrial base.

He stated this in a post on X on Monday, described the tariff policy as “a crucial move” that would prevent the Nigerian industrial sector from being undermined by cheaper imports.

Otedola said domestic industries have long suffered due to the influx of cheaper, substandard imports, a trend he warned must not be allowed to undermine recent multi-billion-dollar investments in fuel refining infrastructure.

He said, “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”.

He noted that Nigeria now has the capacity to meet its petrol and diesel demand locally, making it essential to shield local refineries from unfair competition.

According to him, the new tariff would support industrialisation, create jobs, and help stabilise fuel pricing, thereby improving inflation management and strengthening long-term economic stability.

Otedola praised Tinubu’s commitment to policies that stimulate economic transformation, saying the administration’s focus on empowering domestic producers aligns with Nigeria’s ambition of becoming a $1 trillion economy.

“This policy underscores the government’s commitment to driving industrialisation, creating employment, and building a sustainable energy future for our nation,” he added.