Energy Expert Critiques World Bank's Fuel Import Advice

An unnamed energy expert has condemned the World Bank's recent advice for Nigeria to revert to fuel imports, stating that it contradicts the country's goal of achieving energy independence and violates the Petroleum Industry Act (PIA). The expert highlighted that the PIA prioritizes domestic crude supply and local refining capacity, arguing that the World Bank's recommendation undermines Nigeria's efforts to develop its local refining capabilities.

The expert warned that increasing fuel imports could expose Nigeria to global supply shocks, drain foreign exchange reserves, and weaken ongoing investments in domestic refining. Furthermore, the expert criticized the lack of empirical evidence supporting the World Bank's stance, asserting that it could worsen Nigeria's economic conditions and inflation.

The expert also noted that the recommendation sparked renewed debate on Nigeria's fuel policy, emphasizing the importance of building local refining capacity to enhance economic sovereignty and reduce poverty.