ABUJA, Nigeria (VOICE OF NAIJA)-The World Bank Group has clarified its stance on fuel imports in Nigeria following backlash over recommendations in its latest Nigeria Development Update, as criticism continues to grow among policy analysts and social media commentators.
In a statement issued on Friday, the bank explained that its April 2026 report, released on April 7, included a recommendation to permit the importation of Premium Motor Spirit, but emphasised that the suggestion should be interpreted within a wider policy framework.
“The World Bank Group released its April 2026 edition of the Nigeria Development Update on April 7. Included in the report is a recommendation to allow imports of Premium Motor Spirit (petrol). Given current global energy supply disruptions, such a recommendation may run counter to efforts that countries around the world are undertaking to ensure their energy and national security,” the statement read.
The clarification follows increasing criticism, including from social media activist Dan Bello, who challenged the bank’s position and raised concerns about its potential impact on Nigeria’s domestic refining ambitions.
The controversy intensified after the bank reportedly removed the webpage hosting the Nigeria Development Update shortly after public debate escalated, prompting questions about the intent and interpretation of the report’s recommendations.
Responding to the concerns, the World Bank stressed that its position does not amount to a blanket endorsement of fuel importation but forms part of a broader strategy linked to market reforms and consumer protection.
READ ALSO: We Saved N4tn From Subsidy, Redirected It To Infrastructure – Tinubu
“In the case of Nigeria, the focus should be to provide targeted support to the most vulnerable people through their well-functioning social safety net system, and the World Bank Group stands ready to step up its existing support,” it stated.
The bank added that any move towards liberalising fuel imports must be carefully handled to avoid weakening national energy security, particularly at a time when global supply chains remain fragile due to ongoing geopolitical tensions.
It further reiterated that reforms in Nigeria’s downstream petroleum sector should be gradual and well-structured.
“Over time, transitioning toward a competitive retail market for Premium Motor Spirit is an important policy direction that requires a well-sequenced implementation strategy that guarantees the quality and standards of all petroleum products,” the statement added.
The bank also acknowledged ongoing efforts by Nigerian authorities and private investors to stabilise fuel supply, especially following recent reforms and investments in local refining capacity.
“The World Bank Group recognises the efforts of the Government of Nigeria and the Nigerian private sector in taking concrete steps to safeguard fuel supply a foundation that is essential to protect consumers and businesses,” it noted.
READ ALSO:NNPC Confirms Successful Discovery Of New Oil Well
The clarification comes at a critical period for Nigeria’s energy sector, as policymakers assess the balance between fuel imports and increasing domestic refining capacity, including production from the Dangote refinery.
The World Bank had earlier disclosed that imported petrol is approximately 12 per cent cheaper than fuel supplied by the Dangote Petroleum Refinery, highlighting distortions in domestic pricing amid rising global crude oil prices.
“Dangote refinery the main supplier of refined petrol after the regulator ceased issuing import licences in early 2026 raised the ex-depot price of Premium Motor Spirit to about N1,275 per litre as of March 23, 2026, compared to an estimated import-parity price of around N1,122 per litre, implying a cost differential of roughly 12 per cent,” the report said.
According to the bank, this situation reflects broader pressures in the global energy market following the Middle East conflict, warning that a rise in oil prices to about $80 per barrel representing a 31.1 per cent increase from pre-conflict levels could significantly heighten inflationary pressures.
“Overall, an increase in oil prices to about $80 per barrel… would directly add around 3.1 ppts to headline inflation under a full pass-through assumption,” the bank stated, adding that indirect impacts from higher fuel costs on transportation, logistics, and food prices could further drive inflation upward.