Femi Otedola, a top Nigerian businessman has welcomed President Bola Tinubu’s plan to add a 15 per cent duty on imports of petrol and diesel. Femi Otedola, who heads a major investment firm, called the move a smart and firm action to shield home-grown fuel plants and steady the market for these fuels.
The new rule sets a 15 per cent charge on the value of incoming petrol and diesel shipments. It aims to cut Nigeria’s need for foreign fuel and speed up the country’s push towards making its own energy supplies. The president gave the go-ahead in a note dated 21 October to tax officials and fuel regulators, urging them to start it at once. Word of the policy spread on 30 October, though it might push up prices at filling stations.
Otedola shared his thoughts on social media, saying the levy guards factories that have poured big money into local fuel making. He warned that cheap foreign supplies could wreck Nigeria’s energy trade, just as they did to cloth-making, car-building, and other home industries years ago. “We must not let that happen again now that we can produce our own petrol and diesel,” he added.
The businessman said the policy brings trust for those putting cash into fuel projects and helps keep prices even over time. It should also curb rising costs and build a stronger economy in the long run. Otedola hailed Tinubu’s style as forward-thinking, key to hitting Nigeria’s goal of a one-trillion-dollar economy by backing local makers and adding value at home.
The president’s media aide backed the idea online, calling it a helpful link rather than a weight, set to reshape fuel trade and lock in lasting financial calm.
