Connect with us

latest

“World Bank Ignored” — Marketers, Experts Reject Fuel Import Push Amid Dangote Refinery Row.

Published

on

Petroleum marketers and energy experts have dismissed the World Bank’s recommendation urging Nigeria to open its borders for the importation of Premium Motor Spirit (PMS), warning that such a move could weaken local refining efforts and destabilise the economy.....KINDLY READ THE FULL STORY HERE▶

The World Bank had, in its Nigeria Development Update released on April 7, advised Nigeria to prioritise fuel imports, arguing that imported petrol was cheaper than locally refined products. The report immediately sparked heated debate across the oil and gas sector.

Following the backlash, the World Bank later removed the report from its website and clarified that its position was not a direct endorsement of fuel importation. It explained that the recommendation was part of broader reforms aimed at protecting consumers and strengthening social welfare systems.

The bank also noted a shift in its earlier stance on downstream oil sector liberalisation, saying its focus for Nigeria should be on targeted support for vulnerable citizens through social safety nets.

Minister Of Works Issues Ultimatum To Contractors Handling 10 Delayed Road Projects In Niger State

Energy experts, however, criticised the initial recommendation, warning that increased reliance on imports could expose Nigeria to global supply shocks, especially amid ongoing geopolitical tensions affecting the oil market.

The Centre for the Promotion of Private Enterprise described the proposal as counterproductive, while the Crude Oil Refinery-Owners Association of Nigeria argued that imported fuel is often inferior in quality compared to locally refined products.

However, the Petroleum Products Retail Outlets Owners Association of Nigeria supported the World Bank’s position, saying fuel importation could improve competition and efficiency in the downstream sector.

Meanwhile, critics questioned the influence of international lenders on Nigeria’s policy direction, arguing that excessive borrowing has increased external pressure on domestic decisions.

Energy expert, Dr Tim Okon, described the recommendation as unnecessary, insisting Nigeria should focus on strengthening its local fuel supply chain instead of relying on imports.

Delta State Police Command Rescues Kidnapped Victims; Community Blames Ijaw Leader For Land Disputes

He added that a stable market requires multiple fuel blends tailored to different vehicle needs, while also stressing the importance of regulatory oversight rather than import dependence.

The Independent Petroleum Marketers Association of Nigeria (IPMAN) also rejected the idea of increased fuel importation, urging stronger support for domestic refineries, particularly the Dangote Refinery.

IPMAN warned that continued importation would discourage investment and undermine Nigeria’s refining capacity, noting that local production remains the most sustainable option for the country.

Stakeholders maintained that boosting domestic refining will stabilise fuel supply, reduce external dependence, and protect Nigeria from global market volatility, while urging government to sustain policies that promote local production.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Advertisement

latest

Plateau Killings: Mutfwang Meets Former Governors, Stakeholders Over Insecurity.

Published

on

Governor Caleb Mutfwang of Plateau State has convened a high-level security meeting with former governors and key stakeholders in a renewed effort to address the ongoing wave of violence in the state.....KINDLY READ THE FULL STORY HERE▶

News reports that the meeting comes amid fresh attacks in parts of Plateau State that have left several people dead and properties destroyed, worsening security concerns in the North-Central region.

The gathering follows recent violence in Anguwan Rukuba and nearby communities, where dozens of residents were reportedly killed, adding to years of recurring insecurity that has claimed many lives, including women and children.

Cardi B Crushes Foes With $24M Court Win, Blasts Reporter On The Spot

The closed-door meeting, held at the Government House in Little Rayfield, Jos, brought together former governors Simon Lalong, Jonah Jang, and Joshua Dariye, as well as former military administrator Rear Admiral Samuel Atukum (retd.) and other key stakeholders.

In a statement shared on his verified Facebook page, Mutfwang said discussions focused on security, welfare, and the overall development of Plateau people, with special attention on the recent attacks in rural communities.

Minister Of Works Issues Ultimatum To Contractors Handling 10 Delayed Road Projects In Niger State

According to sources, participants reviewed the security situation and expressed deep concern over continued loss of lives and destruction of property.

The stakeholders reportedly agreed on a united approach to restoring peace, strengthening unity, and promoting peaceful coexistence among communities.

They also resolved to develop stronger frameworks to address the root causes of the violence, anchored on values of discipline, courage, and patriotism.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Brig-Gen Braimah’s Last Conversation With His Twin Brother Before Attack Emerge.

Published

on

The late Brigadier General Oseni Braimah was reportedly on a phone call with his twin brother moments before he was killed during a terrorist attack on the 29 Task Force Brigade Headquarters in Benisheikh, Borno State.....KINDLY READ THE FULL STORY HERE▶

News reports that the incident, which occurred on April 9, 2026, claimed the lives of the senior officer and several other soldiers.

A family source told Vanguard that the General was speaking with his identical twin brother, who resides in the United Kingdom, at the time of the attack.

Ribadu Challenges El-Rufai: “Show Proof Of Toxic Chemical Purchase To DSS”.

According to the source, the twins maintained a daily routine of speaking around midnight, but the conversation took a sudden turn that night when unusual activity was noticed at the General’s end.

He said the line went dead abruptly after the General paused during the call, apparently due to the unfolding situation at the base.

The twin brother reportedly made repeated attempts to reconnect, sending messages and calling continuously, but received no response throughout the night.

“He kept trying until about 4 am, but there was no answer,” the source said.

Why Southwest Is Winning The War On Insecurity — General Musa Speaks.

The family later confirmed the tragedy after a senior military officer contacted them around 6:30 am, informing them that the base had come under attack and that the Brigade Commander was among those killed.

The relative described the incident as devastating, noting that communication had broken down during the assault.

The late General was later buried alongside other fallen soldiers in Maiduguri, Borno State.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

latest

Apostle Chibuzor Suspends Wedding Of Autistic Daughter Amid Public Backlash.

Published

on

The founder of Omega Power Ministries, Apostle Chibuzor Chinyere, has suspended the planned marriage of his 21-year-old adopted daughter, Chiemeka Chibuzor, who is autistic, following an overwhelming number of applications from interested suitors.....KINDLY READ THE FULL STORY HERE▶

News reports that the cleric announced the decision on Thursday via his social media page, stating that over 1,000 men had expressed interest in marrying her, prompting him to halt the process indefinitely.

Southern China and Vietnam Brace for Super Typhoon Yagi: Schools Closed, Flights Canceled

He wrote, “Chiemeka Chibuzor’s wedding is hereby suspended. More than a thousand applications. No more wedding pending further directive from me.”

The cleric had earlier this week publicly invited proposals for her marriage, setting conditions that included the suitor being young and in good physical and mental health, alongside promised financial support and housing benefits.

Ribadu Challenges El-Rufai: “Show Proof Of Toxic Chemical Purchase To DSS”.

He also said the couple would enjoy lifelong support, including shared property ownership and periodic welfare checks from church members.

The development follows a similar arrangement recently conducted by the church involving a non-verbal autistic man who was married in a ceremony organised by the ministry.

Stay connected via Google News
Follow us for the latest travel updates and guides.
Add as preferred source on Google
Continue Reading

Trending

Copyright © 2023 NIVONEWS

×