Business
MAN Condemns World Bank’s Call for Nigeria PMS imports
MAN, described the April 2026 Nigeria Development Update (NDU) by the World Bank, as ” structurally flawed, counterproductive, and highly detrimental to Nigeria’s industrialization agenda
The Manufacturers Association of Nigeria (MAN) urged the Federal Government and the petroleum industry regulators to disregard the recent prescription by the World Bank that Nigeria should open its borders to imported Premium Motor Spirit (PMS) to solve inflationary crisis.
In a position document titled ‘FUEL IMPORTATION PRESCRIPTION AS A RECIPE FOR DEINDUSTRIALISATION AND NATIONAL ECONOMIC RETROGRESSION,’ MAN, described the April 2026 Nigeria Development Update (NDU) by the World Bank, as ” structurally flawed, counterproductive, and highly detrimental to Nigeria’s industrialization agenda.”
Segun Ajayi – Kadir, its Director -General, noted that While we welcome the Bretton Woods institution’s clarification that national energy security is paramount in today’s volatile global climate, we reiterate our fundamental objection to the initial premise that reinstating petrol import licenses is a viable, long-term strategy to avert an inflation spike. It is not, and should not be considered as an option.
The Association emphasised that importation of PMS will undermine domestic refining capacity; contribute to the disruption of the foreign exchange market; disincentivize investment in and expansion of local refining, and truncate the relief that Nigerians have started to enjoy since the advent of Dangote Refinery and other local refineries.
Our Position
The World Bank’s report posited that the suspension of import licenses stifled competition, allowing domestic ex-depot prices to rise, thereby driving up inflation.
This analysis panders to short-term bias and does not take into account the following foundational macroeconomic realities of the Nigerian economy:
The FX Drain and the Major Driver of Inflation
Nigeria’s inflation is fundamentally cost-push and can be aggressively driven by exchange rate volatility.
Therefore, promoting PMS imports means returning to the era of fiercely competing for scarce foreign exchange (FX) to fund foreign refineries. Such depletion of FX depreciates the Naira further.
A weakened Naira spikes the cost of importing critical raw materials and machinery for domestic manufacturers, triggering a far bigger wave of inflation across all sectors of the economy than a temporary 12% differential in fuel pump prices.
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Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
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