Segun Atanda/
Billionaire businessman and philanthropist, Femi Otedola, has applauded President Bola Tinubu’s decision to impose a 15 per cent import tariff on petrol and diesel, describing it as a bold and strategic policy that will safeguard Nigeria’s domestic refineries and accelerate economic growth.
In a statement shared on his verified X account, Otedola said the policy marks a crucial step towards protecting local industries that have invested heavily in domestic refining and production.
“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 said.
The chairman of Geregu Power Plc, who is also a major investor in Nigeria’s energy sector, warned that the country cannot afford to repeat the economic mistakes of the past, when the influx of cheap imported goods crippled key 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,” he said.
Otedola added that the new tariff will help protect billions of dollars already invested in refining infrastructure while fostering a stable pricing regime that can help control inflation and promote long-term stability.
“This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability,” he explained.
He further praised President Tinubu for using policy as a catalyst for transformation and for demonstrating leadership that focuses on empowering local producers and promoting value addition.
“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,” Otedola wrote.
The new import tariff, recently approved by the Federal Ministry of Finance, is part of the administration’s strategy to strengthen local refining, reduce dependency on fuel imports, and stabilise the naira.
Nigeria has witnessed renewed optimism in its refining sector with the commencement of operations at the Dangote Refinery in Lagos and ongoing rehabilitation of the Port Harcourt, Warri, and Kaduna refineries.
Analysts say the tariff will discourage fuel dumping and enhance domestic production, provided the government ensures steady local supply.
Otedola’s statement aligns with growing support from industrial stakeholders who view the policy as a decisive step towards achieving self-sufficiency in energy and industrial revival in Africa’s largest economy.
0Related posts:
Interrogating Two Years of Nigeria’s Foreign Policy Under President Tinubu
FG Moves to Stop Estimated Electricity Billings as Strike Looms, Says Nigerians Will Pay Less for Fuel
EMMAN Urges FG to Review Levies on Imported Finished Electricity Meters
Otedola Backs FG on Windfall Tax
Why We Are Borrowing, FG Explains as Minister Presents Buhari’s 2019 Scorecard *Says There’s No Cause for Alarm
Cashless Nigeria: Why Emefiele May Lose the War – Femi Kusa …Musings on Buhari, Tinubu, Peter Obi, CBN