“The law is very clear; priority must be given to local refining capacity. Advising Nigeria to abandon that and return to import dependence is not only against government policy but against the PIA law itself,” Ife stressed. While acknowledging the World Bank’s accurate assessment of Nigeria’s macroeconomic trends, such as GDP growth projections and sectoral performance. Ife maintained that its stance on fuel policy could worsen economic conditions. “The sustainable path is clear; develop local refining, expand processing capacity and build economic sovereignty.

Source: Nigerian Tribune April 12, 2026 22:36 UTC