Nigeria, Nov. 4 -- Femi Otedola, billionaire businessman and chairman of Geregu Power Plc, has commended President Bola Tinubu for implementing a 15 per cent import tariff on petrol and diesel.

Mr Otedola in a statement posted on his X handle on Tuesday described the move as a "bold and decisive step" towards safeguarding local industries that have made substantial investments in domestic production and refining capacity.

Last month, Mr Tinubu approved a 15 per cent import tariff on all imported petrol and diesel. The government stated that the directive aimed to "strengthen local refining capacity, and ensure a stable, affordable supply of petroleum products across Nigeria."

The tariff is essentially to ensure that imported petrol is ...