Billionaire industrialist and Chairman of Geregu Power Plc, Femi Otedola, has lauded President Bola Tinubu for introducing a 15 percent import tariff on petrol and diesel, saying the policy will protect domestic investments in Nigeria’s refining and energy sectors.
In a post on his X (formerly Twitter) handle on Monday, Otedola described the policy as a “crucial move” that would prevent Nigeria’s industrial base from being undermined by cheaper imported fuels.
“I commend President Bola Ahmed Tinubu for his bold and decisive step in implementing a 15 percent import tariff on petrol and diesel,” Otedola wrote.
“This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.”
Otedola warned against a recurrence of past decades when unregulated importation of cheaper and substandard goods crippled Nigeria’s manufacturing base, including the textile, automotive, and industrial sectors.
“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.
The businessman noted that the tariff would provide stability for investors, ensure predictable pricing, and help control inflation.
“This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability,” Otedola added.
He further praised the president’s economic foresight, describing the decision as reflective of the “visionary leadership required to transform Nigeria into a $1 trillion economy.”
“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 leadership needed to drive national growth,” he stated.
The 15 percent ad valorem import duty on petrol and diesel was approved by President Tinubu in a letter dated October 21, 2025, and made public on October 30, 2025. The directive, addressed to the Federal Inland Revenue Service (FIRS) and the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA), mandates immediate implementation as part of a “market-responsive import tariff framework.”
According to the Special Adviser to the President on Media and Public Communications, Sunday Dare, the tariff is “a bridge, not a burden,” designed to protect local refineries, stabilise the downstream sector, and end Nigeria’s dependence on imported fuel.
Dare added that the policy aims to “transform the petroleum landscape and secure long-term economic stability,” even as experts predict it may result in a temporary increase in pump prices.
