Billionaire investor and Chairman of Geregu Energy Plc, Femi Otedola, has counseled President Bola Ahmed Tinubu for implementing a 15 % import tariff on petrol and diesel, describing the coverage as “a daring and decisive step” towards defending native industries and driving Nigeria’s industrialisation agenda.
In an announcement launched by way of his official X account, @realFemiOtedola, Otedola stated the brand new tariff represents a “essential transfer in direction of safeguarding native industries which have made substantial investments in home manufacturing and refining capability.”
In line with him, Nigeria’s industrial base has suffered for many years because of the unchecked importation of cheaper and sometimes substandard items — a pattern that crippled once-thriving sectors equivalent to textiles, native car meeting, and manufacturing.
“We can’t afford to permit historical past to repeat itself throughout the power sector, notably now that Nigeria possesses the capability to satisfy its petrol and diesel necessities regionally,” Otedola said.
The billionaire investor famous that the tariff would assist defend billions of {dollars} already invested in native refining infrastructure and sign authorities dedication to sustainable industrial development.
He emphasised that the coverage aligns with President Tinubu’s broader goal of attaining long-term financial stability by way of home worth creation.
“This tariff not solely protects the billions of {dollars} already invested in refining infrastructure but additionally underscores the federal government’s dedication to driving industrialisation, creating employment, and constructing a sustainable power future for our nation,” he added.
Otedola additional defined that the measure would contribute to establishing a steady and predictable pricing regime, curbing inflationary pressures, and enhancing macroeconomic stability.
He praised President Tinubu’s coverage course, highlighting that the administration’s give attention to empowering native producers and selling worth addition inside Nigeria demonstrates visionary management able to steering the nation towards its objective of changing into a $1 trillion economic system.
“President Tinubu’s means to deploy coverage as a catalyst for financial transformation is really commendable,” Otedola wrote.
“His give attention to empowering native producers and selling worth addition inside Nigeria exemplifies the kind of visionary management required to steer our nation in direction of realising its ambition of changing into a $1 trillion economic system.”
The introduction of a 15 % import tariff on refined petroleum merchandise comes as Nigeria continues to ramp up home refining capability, led by personal sector investments such because the Dangote Refinery and modular refineries nationwide.
The coverage is anticipated to scale back import dependency, defend native jobs, and increase foreign-exchange stability within the medium time period.
Be First to Comment