Nigeria's Halt on Petrol Import Licenses: A Structural Victory

The Manufacturers Association of Nigeria (MAN) described the federal government's decision to halt petrol import licenses as Nigeria's most significant structural victory in the energy sector in 50 years. In a press statement, Mr.

Segun Ajayi-Kadir, the Director General of MAN, argued that this move empowers local refining industries and is crucial for achieving inclusive growth, a strong naira, and single-digit inflation. He criticized the World Bank's recommendations to open borders for petrol imports, stating they jeopardize Nigeria's manufacturing capabilities and could lead to increased poverty and job losses.

Ajayi-Kadir emphasized that the suspension of import licenses would enhance competition and stabilize prices, while also advocating for the sale of crude oil in naira to ensure local refineries receive their daily quotas without bureaucratic delays. He called for the government to focus on sustainable measures to mitigate global energy supply shocks and reduce reliance on costly petroleum imports.