World Bank Urges Nigeria to Break Dangote's Fuel Monopoly

The World Bank has raised alarms regarding Nigeria's economic situation, highlighting a poverty rate that has reached 63%, affecting approximately 140 million Nigerians. Despite a slight decrease in inflation to 15.15%, the economic landscape remains dire, exacerbated by rising fuel prices, which have surged from N860 to N1,300 per liter due to crude oil prices exceeding $100 per barrel.

The World Bank has recommended that the Nigerian government address this issue by breaking the monopoly held by Dangote Refinery in the petroleum sector. Currently, Dangote's refinery requires 19.5 million barrels of crude oil monthly to operate at full capacity, yet the NNPCL only supplies 5 million barrels monthly.

The CBN noted that Dangote's refinery imported crude oil worth $3.6 billion in 2025 while operating at less than 50% capacity. The World Bank's advice aims to stabilize fuel prices and improve the economic conditions for Nigerians.