Nigerian billionaire businessman Femi Otedola has voiced strong support for President Bola Ahmed Tinubu’s recent decision to implement a 15 per cent import duty on petrol and diesel, describing it as a bold and strategic move to protect local investments and strengthen Nigeria’s energy independence.

In a statement shared on his X (formerly Twitter) account, Otedola said the new tariff policy not only safeguards billions of dollars already invested in domestic refining infrastructure but also demonstrates the government’s commitment to industrialisation, job creation, and a sustainable energy future for Nigeria.

“I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 per cent import tariff on petrol and diesel,” Otedola stated.
“This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”

The billionaire businessman warned that Nigeria must not repeat past mistakes that crippled industries such as textiles, vehicle assembly, and manufacturing due to the unchecked importation of cheaper, substandard products.

According to Otedola, the policy will also help stabilize fuel pricing, control inflation, and promote long-term economic growth.

“This tariff not only protects the billions of dollars already invested in refining infrastructure but also underscores the government’s commitment to driving industrialisation, creating employment, and building a sustainable energy future,” he added.

Otedola praised President Tinubu’s visionary leadership, noting that his economic policies are setting Nigeria on the path to achieving its $1 trillion economy goal.

Meanwhile, reactions to the 15% import duty have remained divided.
While economists like Muda Yusuf and Bismarck Rewane backed the move, others — including Ayiri Emami, an APC chieftain — warned that the policy could increase fuel prices and worsen hardship for Nigerians.

At present, petrol prices range between ₦945 and ₦960 per litre in major cities like Abuja, and analysts predict a further increase once the policy takes full effect.