Petrol marketers and energy experts have unanimously rejected the World Bank’s recent proposal urging Nigeria to continue importing refined petroleum products rather than relying solely on local refining.
The World Bank had suggested that maintaining fuel imports would ensure competitive pricing and prevent market monopolies. However, stakeholders in Nigeria’s downstream oil sector have described the advice as counterproductive and detrimental to the nation’s long-term energy independence.
Speaking at a roundtable in Lagos, the Independent Petroleum Marketers Association of Nigeria (IPMAN) argued that the proposal undermines the multi-billion dollar Dangote Refinery and other modular refineries coming on stream. “We firmly reject World Bank’s fuel import proposal. It is a disservice to Nigeria’s quest for self-sufficiency,” a senior IPMAN official stated.
Energy experts also weighed in, warning that continued import dependency would keep the naira under pressure, drain foreign reserves, and perpetuate the painful cycle of subsidy debates. They called on the federal government to protect local refiners through favourable policies and tariffs.
“The World Bank means well in theory, but Nigeria cannot afford to remain a dumping ground for refined products when we have the capacity to refine our own crude,” said Dr. Chuka Onwuka, an energy economist.
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) has yet to officially respond, but industry insiders suggest the government is leaning toward protecting local refining investments.
Marketers urged President Bola Tinubu to ignore the proposal and fast-track measures that make locally refined petrol more affordable than imports.
—
©2026 CDA News Nigeria. All rights reserved.
Privacy Policy: CDA News Nigeria is committed to protecting your privacy. We collect and use personal information solely for delivering news updates and improving your experience. Your data is never shared with third parties without explicit consent. For full details, visit our website.
Contact: For news tips, inquiries, or feedback, contact CDA News Nigeria at info@cdanews.ng or visit our headquarters 348 Ikwerre Road, Port Harcourt, Rivers State.
