Ayobamiji Komolafe 
Billionaire businessman and Chairman of Geregu Power Plc, Femi Otedola, has commended President Bola Tinubu for introducing a 15 per cent import tariff on petrol and diesel, describing the move as a bold and strategic step to protect Nigeria’s local refining industry.
Otedola, in a statement on Monday, said the policy was crucial for safeguarding local industries that have invested heavily in domestic production and refining capacity.
He noted that Nigeria’s industrial base had suffered for decades due to the influx of cheap and substandard imports, which crippled several sectors including textiles, vehicle assembly, and manufacturing.
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According to him, the tariff would prevent a recurrence of such setbacks in the energy sector now that the country has the capacity to meet its own fuel needs locally.
“This tariff not only protects the billions of dollars already invested in refining infrastructure but also underscores the government’s commitment to industrialisation, job creation, and sustainable economic growth,” Otedola said.
He added that the policy would help establish a more stable pricing regime, control inflation, and promote long-term economic stability.
Commending President Tinubu’s “visionary leadership,” Otedola said the administration’s focus on empowering local producers and adding value to domestic industries aligns with Nigeria’s ambition of becoming a $1 trillion economy.
