Otedola Lauds Tinubu’s Implementation of 15% Fuel import tariff

Femi Otedola, the Chairman of First Bank of Nigeria, has described the implementation of the 15 percent import tariff on petroleum products by President Bola Tinubu as “bold and decisive”.

The businessman, in a post, Otedola said the policy was crucial to securing and sustaining investments in the downstream sector.

He wrote: “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.”