Tinubu hailed for implementing 15% import tariff on petrol, diesel

P President Bola Ahmed Tinubu has received widespread commendation for the decisive implementation of a 15 per cent import tariff on petrol and diesel — a move described as a bold step toward protecting local industries and strengthening Nigeria’s refining capacity.

The new tariff is seen as a strategic policy designed to safeguard billions of dollars invested in domestic refining infrastructure while promoting industrialisation, job creation, and economic sustainability.

Analysts and industry observers noted that Nigeria’s industrial base had suffered for years from the influx of cheaper, often substandard imports, which crippled local production in sectors such as textiles, automobile assembly, and manufacturing. They believe the latest policy will help prevent similar challenges in the energy sector, particularly as the nation now boasts sufficient capacity to meet its fuel needs.

According to them, the measure will also promote price stability, support inflation management, and strengthen the country’s long-term economic outlook. Many hailed the initiative as evidence of President Tinubu’s visionary leadership and his commitment to empowering local producers while driving value addition within the economy.

They added that the policy aligns with Nigeria’s broader ambition of transforming into a $1 trillion economy in the near future.

Source: X | @realFemiOtedola