Experts Warn World Bank's Advice Could Hurt Nigeria's Economy

Experts have expressed concerns regarding the World Bank's recent recommendation for Nigeria to deepen fuel imports and fully liberalize its downstream petroleum sector. Professor Ken Ife highlighted that this advice is ill-timed and could regress Nigeria's economic progress, directly violating the Petroleum Industry Act (PIA), which prioritizes domestic crude supply and local refining.

He emphasized that increasing fuel imports would leave Nigeria vulnerable to global supply disruptions and further deplete foreign exchange reserves, discouraging investment in local refining. Kelvin Emmanuel, another energy expert, criticized the World Bank's position as disconnected from market realities, noting that the organization reportedly withdrew its contest of Nigeria's development update from its website.

The experts argue that the advice undermines Nigeria's strategic push for energy independence and local value addition, which is crucial for achieving economic self-reliance.