Petroleum marketers and energy experts in Nigeria have rejected a suggestion by the World Bank that the country should allow more fuel imports.
The World Bank had earlier said Nigeria should consider importing petrol because it might be cheaper than fuel produced locally. This suggestion caused a lot of debate. Later, the World Bank removed the report and explained that it was not fully supporting fuel importation, but was talking about broader reforms and protecting consumers.
Many Nigerian experts disagreed with the idea, especially because of the current global oil supply issues caused by tensions involving Iran, the United States, and Israel.
Dr. Muda Yusuf, head of the Centre for the Promotion of Private Enterprise, said the World Bank’s advice would not help Nigeria. Eche Idoko of the Crude Oil Refinery-Owners Association of Nigeria also disagreed, saying imported fuel may be lower in quality.
However, PETROAN (Petroleum Products Retail Outlets Owners Association of Nigeria) supported the World Bank’s idea, saying it could improve competition in the fuel market. This position goes against the “Nigeria First” policy of President Bola Ahmed Tinubu.
Some industry leaders strongly supported local refining instead. Dr. Tim Okon of TENO Energy Resources said Nigeria should focus on building a strong local fuel supply system rather than depending on foreign advice. He also said Nigeria listens too much to the World Bank because of loans it has taken from them.
Okon explained that different types of petrol should be available for different users, depending on their needs.
The President of the Independent Petroleum Marketers Association of Nigeria (IPMAN), Abubakar Maigandi, also rejected fuel imports. He said Nigeria should support local refineries like the Dangote Refinery.
According to him, relying on imports will hurt Nigeria’s economy. He believes refining fuel locally is the best option since Nigeria already has crude oil.
He added that petrol from Dangote Refinery currently sells for about ₦1,200 per litre, and slightly higher at depots. He said Dangote fuel is cheaper and of good quality.
Overall, many experts believe that supporting local refining will help stabilize fuel supply and grow Nigeria’s economy.
