Billionaire businessman, Femi Otedola, has applauded President Bola Tinubu over the implementation of a 15 per cent import tariff on petrol and diesel, saying the move will protect investments in Nigeria’s refining and energy value chain.

Otedola, in a post on X, described the tariff policy as “a crucial move” that would prevent the Nigerian industrial sector from being undermined by cheaper imports.

He argued that Nigeria cannot afford a repeat of past eras where cheaper foreign goods collapsed entire sectors.

According to him, the tariff will provide certainty for investors and support long-term price stability in the domestic energy market.

He added that Tinubu’s approach reflects the type of economic vision needed to push Nigeria closer to its target of a $1 trillion economy.