Africa-Press – Nigeria. Nigerian businessman Femi Otedola has thrown his weight behind President Bola Ahmed Tinubu’s recent 15 per cent import duty on petrol and diesel.
Otedola, in a statement on his X account, said the 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 in Nigeria.
He noted that the policy, when implemented, would also help establish a stable and sustainable pricing regime in Nigeria’s downstream oil sector.
According to him, the country 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.
“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.
“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.
“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 for our nation.
“This policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability.
“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 wrote on X.
Recall that President Tinubu approved a 15 per cent import duty on petrol and diesel.
The policy decision has attracted mixed reactions.
The Chief Executive Officers of the Centre for the Promotion of Private Enterprise and Financial Derivatives Company Limited, Muda Yusuf and Bismarck Rewane, had backed the policy.
However, an All Progressives Congress (APC) chieftain in Delta State, Ayiri Emami, had condemned the policy, saying it would shoot up fuel prices and hurt Nigerians.
Currently, Nigerians buy petrol at between 945 and 960 per litre in Abuja, and the new tariff may lead to increased fuel prices nationwide when implemented.
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