Nigerian billionaire Femi Otedola has expressed support for the Federal Government’s recent approval of a 15 per cent import duty on petrol and diesel.
He described the move as a strategic step to safeguard billions of dollars invested in domestic refineries and to strengthen local energy infrastructure.
In a statement shared on social media, Otedola said: “For decades, Nigeria’s industrial base has suffered from the unchecked importation of cheaper and often substandard goods. 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 explained that the import duty will protect existing investments in refining, promote industrialisation, create jobs, and encourage a sustainable energy future. Otedola also noted that the policy could contribute to stabilising fuel prices and controlling inflation, thereby supporting broader economic stability.
The tariff forms part of the Federal Government’s efforts under President Bola Tinubu’s administration to ensure national energy security, protect local refining capacity, and stabilise the downstream petroleum market. Operators in the refining sector have welcomed the measure, seeing it as protection against unfair competition from imported fuels.
However, some downstream marketers have raised concerns that the duty, if not properly regulated, could lead to higher fuel prices for consumers. Despite this, Otedola reaffirmed that the duty demonstrates a firm commitment to developing Nigeria’s energy sector and reducing dependence on imported petrol and diesel.
Experts and stakeholders believe that the policy could boost domestic production, enhance supply stability, and encourage more private investment in refining infrastructure, further strengthening the country’s energy independence.
