Expert Critiques World Bank's Fuel Import Recommendations

Ken Ife, an energy economist, has criticized the World Bank's recommendation for Nigeria to deepen fuel import liberalization in the downstream petroleum sector, describing the advice as ill-timed and inconsistent with existing laws, particularly the Petroleum Industry Act (PIA). During a television interview assessing Nigeria's economic outlook, Ife stated that the World Bank's stance on fuel imports contradicts Nigeria's policies and could undermine the country's efforts towards energy independence and local refining capacity.

He emphasized that increasing reliance on imports exposes Nigeria to external shocks and weakens domestic investment. The World Bank's latest Nigeria Development Update suggested sustaining imports of Premium Motor Spirit (PMS) to stabilize fuel supply amid current energy volatility, but Ife warned that such policies could misalign with Nigeria's economic trajectory.

The recommendation has sparked debate among policymakers and industry stakeholders, with the Central Promoters of Private Enterprises (CPPE) also expressing concerns about the implications of increased petroleum product imports.