The introduction of a 15 per cent ad-valorem import duty on petrol and diesel imports into Nigeria by the federal government has drawn praise from bllionaire businessman, Femi Otedola.
The policy, which has divided opinion would protect local refineries and stabilising the downstream market.
Conversely, it has the potential to raise pump prices.
Otedola took to X on Monday to have his say on the matter, saying the move would protect investments in Nigeria’s refining and energy value chain.
“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,” he wrote.
He stated further, “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 policy will also help establish a stable and sustainable pricing regime, contributing to greater control of inflation and long-term economic stability.”
