Nigerian Marketers Reject World Bank's Fuel Import Advice

Petrol marketers in Nigeria have pushed back against the World Bank's recent claim that importing petrol could be cheaper than local refining, insisting that strengthening domestic refining, particularly through Dangote Refinery, is the best path for the country. This reaction follows the World Bank's update released on April 7, which advised the federal government to prioritize fuel imports.

The report suggested that importing premium motor spirit (PMS) could offer lower costs compared to local refined products, sparking backlash across the oil and gas sector. The World Bank later removed the report from its website and clarified that it did not endorse blanket fuel imports but recommended targeted support for vulnerable populations.

Stakeholders in Nigeria's downstream sector, including Muda Yusuf and Ech Idoko, expressed concerns that increased imports could weaken local investment and discourage refinery growth. Abubakar Maigandi of IPMAN emphasized the importance of supporting local refineries, while Dr. Tim Okon criticized the influence of foreign institutions on Nigeria's policies.