- Otedola Applauds Tinubu’s 15% Fuel Import Tariff
- …Says Policy Will Safeguard Local Refineries
- …Says the tariff will give clarity to investors and support long-term price stability within Nigeria’s domestic energy market
Billionaire businessman, Femi Otedola, has commended President Bola Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing the move as a bold step to protect Nigeria’s refining and energy sector from unfair foreign competition.
Eko Hot Blog reports that in a post shared on his X account on Monday, Otedola called the policy “a crucial move” that would prevent local industries from being undermined by cheaper fuel imports.
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“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,” he wrote.
He noted that Nigeria must not repeat the mistakes of the past when unchecked importation of cheaper and often substandard goods crippled major industries.
“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. 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.
According to the billionaire investor, the tariff will give clarity to investors and support long-term price stability within Nigeria’s domestic 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 added.
Otedola further praised Tinubu’s economic vision, saying the president’s decision reflects the kind of leadership required to propel Nigeria towards its $1 trillion economy target.
“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 within Nigeria exemplifies the type of visionary leadership required to steer our nation towards realising its ambition of becoming a $1 trillion economy,” he concluded.
Tinubu had earlier approved the introduction of a 15 per cent ad-valorem import duty on petrol and diesel to protect local refineries and stabilise the downstream market.
In a letter dated October 21, 2025, and addressed to the Federal Inland Revenue Service and the Nigerian Midstream and Downstream Petroleum Regulatory Authority, the president directed the immediate implementation of the tariff under what the government described as a “market-responsive import tariff framework.”
The Special Adviser to the President on Media and Public Communications, Sunday Dare, also defended the decision on his X handle, describing it as “a bridge, not a burden.” He said the policy was a strategic step to end Nigeria’s dependence on imported fuel and accelerate its journey towards energy self-sufficiency.
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