In an update published by **The Guardian**, a new Nigeria Development Update from the World Bank suggests that Nigeria should reopen petrol import licenses to foster competition. The report estimates that imported fuel could be priced at approximately N1,122 per litre, which is lower than current domestic refinery output prices.
The global lender argues that ending the current reliance on a single major domestic refinery would act as a buffer against supply chain disruptions and help ease the persistent inflation linked to energy costs. However, the proposal has already faced pushback from local stakeholders who argue it contradicts the Petroleum Industry Act (PIA).
**Premium Times** highlighted that “critics argue the recommendation is overly simplistic,” while **ThisDay** quoted energy analysts saying, “importing fuel at this stage could weaken investor confidence in local refining.” As noted by **The Nation**, the World Bank maintains that “increased competition is essential to stabilizing the downstream sector.”
**Echotitbits take:** This is a direct challenge to the Dangote Refinery’s dominance. Reopening import licenses could lower pump prices in the short term, but it risks sabotaging the “Domestic Crude Supply Obligations” that the government is trying to uphold to save foreign exchange.
Source: The Guardian – https://guardian.ng/news/world-banks-dangerous-advice-on-nigeria-fuel-policy/, April 20, 2026
Photo credit: The Guardian
