Otedola Hails Tinubu’s 15% Import Tariff as Bold Step Toward $1 Trillion Economy

Nigerian billionaire and investor Femi Otedola has commended President Bola Ahmed Tinubu for implementing a 15 per cent import tariff on petrol and diesel, describing the policy as a crucial move for the nation’s economic future.

Protecting Local Investment and Capacity

Otedola stated that the tariff is a decisive step toward safeguarding local industries that have made substantial investments in domestic production and refining capacity. He warned that Nigeria cannot afford to let its industrial base suffer from unchecked imports, as seen in the decline of once-thriving sectors like textiles and manufacturing.

Foundations for a Sustainable Economy

According to Otedola, this policy not only protects the billions of dollars invested in refining infrastructure but also underscores the government’s commitment to industrialization and job creation. He emphasized that the move will help establish a stable pricing regime, contributing to inflation control and long-term economic stability.

He praised President Tinubu’s use of policy as a catalyst for economic transformation, stating that this focus on empowering local producers is the type of visionary leadership needed to steer Nigeria toward its ambition of becoming a $1 trillion economy.

Source: Original reporting from the source article. Credit to the original writer.