Femi Otedola Applauds Tinubu’s 15% Import Tariff on Petrol and Diesel, Sparks Mixed Reactions
Nigerian billionaire businessman Femi Otedola has commended President Bola Ahmed Tinubu for his recent decision to impose a 15% import tariff on petrol and diesel, describing it as a “bold and decisive step” towards protecting local industries and promoting economic self-sufficiency.
In a statement posted on his official X (formerly Twitter) handle, Otedola said the new tariff represents a turning point for Nigeria’s energy sector — one that will discourage dependence on imported fuels and strengthen domestic refining capacity.
“This policy represents a crucial move towards safeguarding local industries that have made substantial investments in domestic production and refining capacity,” he wrote.
Otedola: “Nigeria Must Not Repeat the Mistakes of the Past”
Otedola drew parallels between the decline of Nigeria’s once-vibrant industries and the ongoing challenges in the energy sector. He noted that decades of unchecked importation of cheaper and often substandard goods had crippled vital sectors such as textiles, automobile 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,” he added.
The billionaire businessman emphasized that the 15% import tariff would protect the billions of dollars invested in domestic refining infrastructure, including the recently launched Dangote Refinery, and help stabilise fuel prices in the long term.
“This tariff not only protects existing investments but also underscores the government’s commitment to industrialisation, employment creation, and a sustainable energy future,” he said.
Otedola also praised Tinubu’s economic vision, saying his “ability to deploy policy as a catalyst for transformation” reflects leadership that can guide Nigeria toward becoming a $1 trillion economy.
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Public Reaction: Praise, Skepticism, and Criticism
Otedola’s endorsement, however, drew a flood of mixed reactions from Nigerians across social media and public forums.
While some hailed the policy as a necessary move to promote local production and reduce foreign dependence, others accused Otedola of speaking from a position of self-interest due to his close ties with Aliko Dangote and the refinery sector.
One commenter described Otedola as “a capitalist living up to his name”, arguing that the policy mainly benefits large industrialists rather than ordinary Nigerians. Another user wrote, “The only person this tariff policy benefits is Dangote. It’s not surprising that his friend supports it.”
Critics also warned that the tariff could worsen inflation and increase fuel prices if not managed properly. “Shouldn’t we first see if the policy benefits the masses before rushing to praise it?” one comment read.
However, several Nigerians supported Otedola’s stance, arguing that the measure was essential for protecting national interests. “Any reasonable person will protect his family from outside invaders,” one commenter noted. “This tariff, though painful, is needed to checkmate those bent on importing fuel with our hard-earned foreign currency.”
Analysts’ View: Balancing Protectionism and Public Interest
Economic analysts say Tinubu’s import tariff policy is consistent with protectionist economic strategies aimed at fostering domestic production. However, they warn that the success of such policies depends on competitive local pricing, supply reliability, and transparent regulation.
Dr. Ayo Oke, an energy economist, said:
“Protectionism can boost local industries only if domestic producers ensure affordability and efficiency. Otherwise, consumers end up paying the price.”
Another analyst, RhinoChest, emphasized the need for Nigeria to build strategic fuel reserves in case of disruptions at local refineries. “A proactive government should maintain reserves of petrol, diesel, and aviation fuel sufficient to last at least six months,” he said.
Despite the controversy, Otedola remains firm in his belief that the 15% tariff is a necessary short-term pain for long-term national gain, arguing that Nigeria’s path to industrial self-reliance requires “visionary leadership and tough decisions.”
As debates continue, Nigerians are divided between optimism for a stronger domestic energy market and concern over potential inflationary effects — underscoring the deep tension between industrial protection and consumer welfare in Tinubu’s economic agenda.