Business mogul and energy investor, Femi Otedola, has applauded President Bola Tinubu’s introduction of a 15 percent import tariff on petrol and diesel, describing it as a bold and strategic policy aimed at strengthening Nigeria’s refining and energy sectors.

In a post shared on his official X (formerly Twitter) account on Monday, Otedola said the new tariff would help protect local investors and refineries from being undercut by cheap fuel imports, which have long undermined domestic industries.

He noted that the measure was necessary to prevent a repeat of past mistakes when unchecked importation of cheaper goods crippled key sectors such as textiles, manufacturing, and automobile assembly.

“We cannot allow what happened to other industries to happen to energy,” he cautioned, stressing that Nigeria now has the refining capacity to meet its fuel demand locally.

Otedola, who recently increased his stake in FBN Holdings, added that the tariff policy would boost investor confidence, ensure price stability, and contribute to long-term economic growth. He further described the move as an essential step toward achieving Nigeria’s $1 trillion economy target.

According to him, the president’s decision reflects a visionary economic strategy that supports local value addition and promotes industrial resilience.

“Tinubu’s ability to use policy to drive transformation is commendable,” he said, urging continued focus on creating an enabling environment for domestic production.

While industry analysts have warned that the tariff could push up pump prices in the short term, they acknowledge that it could strengthen local refineries and reduce Nigeria’s dependence on imported fuel in the long run.

The policy forms part of the government’s broader effort to stabilise the downstream petroleum market and encourage private investment in local refining — a move seen as critical to sustaining Nigeria’s energy independence.