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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

Published

3 months ago

April 17, 2026

OCHEFA

207 Views

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.

Related Topics:Featured Manufacturers Association of Nigeria PMS imports World Bank

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Naira Exchange Rates Thursday, 22 July

Published

6 hours ago

July 23, 2026

OCHEFA

23 Views

BLACK MARKET RATES

US DOLLAR (USD) Buy ₦1,405 Sell ₦1,410

GREAT BRITISH POUND (GBP) Buy ₦1,880 Sell: ₦1,900

EURO (EUR) Buy ₦1,580 Sell ₦1,600

CANADIAN DOLLAR (CAD) Buy ₦1,020 Sell ₦1,080

SOUTH AFRICAN RAND (ZAR) Buy ₦75 Sell ₦90

UAE DIRHAM Buy ₦350 Sell ₦370 CHINESE YUAN Buy ₦190 Sell ₦205

GHANA CEDI (GHS) Buy ₦95 Sell ₦110

WEST AFRICAN CFA Buy ₦2, 300 Sell ₦2, 400

CENTRAL AFRICAN CFA Buy ₦2,150 Sell 2,250

AUSTRALIAN DOLLAR Buy ₦800 Sell ₦900

CBN OFFICIAL EXCHANGE RATES

US DOLLAR (USD) ₦1,369.63

GREAT BRITISH POUND (GBP) ₦1,833.12

EURO (EUR) ₦1,563.03

SWISS FRANC (CHF) ₦1,685.08

JAPANESE YEN (JPN) ₦8.40

CHINESE YUAN (CNY) ₦202.21

WEST AFRICAN CFA (XOF) ₦2. 39

WEST AFRICAN UNIT ACCOUNT (WAUA) ₦1,867.90

SAUDI RIYAL (SAR) ₦366.36

SOUTH AFRICAN RAND (ZAR) ₦83.40

Business

President Tinubu Tasks Judicial Officers To Remain Abreast of Evolving Global Maritime Laws

President Tinubu made the call in Abuja during the 18th International Maritime Seminar for Judges, organised by the Nigerian Shippers’ Council (NSC), under the auspices of the Federal Ministry of Marine and Blue Economy, in collaboration with the National Judicial Institute (NJI).

Published

23 hours ago

July 22, 2026

OCHEFA

30 Views

President Bola Tinubu on Wednesday urged judges to continually update their knowledge on autonomous vessels, digital shipping, artificial intelligence-driven maritime operations, maritime security and evolving international environmental regulations.

Represented by the Minister of Marine and Blue Economy, Adegboyega Oyetola, President Tinubu lauded the Nigerian Shippers’ Council for initiating and sustaining the international seminar for judges.

He described it as one of Nigeria’s foremost platforms for strengthening maritime jurisprudence, enhancing judicial capacity and promoting excellence in maritime justice.

According to Oyetola , rapid technological advancement is creating unprecedented legal questions relating to liability, navigational responsibility, insurance, collision regulations and allocation of responsibility when autonomous vessels malfunction.

He emphasised that the courts will increasingly adjudicate disputes involving decarbonisation, environmental compliance, blockchain-enabled cargo documentation, electronic bills of lading and other evolving international maritime legal frameworks.

“The emergence of autonomous vessels demands a judiciary equipped to resolve complex legal questions involving liability, insurance, navigation and technological accountability.

“Judicial officers must remain abreast of evolving international maritime law to ensure justice keeps pace with technological innovation,” he said.