“The path to a stronger naira, single-digit inflation, and a prosperous Nigeria lies in supporting local production. We must reject policies that ultimately export jobs and import poverty,” – MAN
The Manufacturers Association of Nigeria (MAN) has rejected the World Bank’s recommendation that reinstating petrol import licences is a viable solution to stabilise fuel supply disruptions linked to the war in the Middle East.
In a strongly worded response, MAN’s Director General, Segun Ajayi-Kadir, described the proposal as a recipe for deindustrialisation and economic regression.
He said that after reviewing the World Bank’s April 2026 Nigeria Development Update (NDU) and its subsequent clarification on the downstream petroleum sector, the association firmly disagrees with the premise that reinstating petrol import licences would serve as a long-term strategy to curb inflation.
According to him, “suggesting that Nigeria should open its borders to imported Premium Motor Spirit (PMS) as a response to inflation is structurally flawed, counterproductive, and detrimental to the country’s industrialisation agenda. In the long run, it risks locking Nigeria into a cycle of exporting jobs and wealth while importing poverty.”
He argued that the World Bank’s position—which links the suspension of import licences to reduced competition, higher ex-depot prices, and rising inflation—reflects a short-term analysis that overlooks key macroeconomic realities.
“These include foreign exchange pressure as a major driver of inflation, the export of jobs through import dependence, and the importance of energy sovereignty in the face of global shocks,” he said.
Ajayi-Kadir maintained that rather than adopting what he described as a “short-sighted and destructive” approach, Nigeria should pursue home-grown and sustainable solutions. These include optimising the naira-for-crude arrangement, accelerating the deployment of alternative energy such as compressed natural gas (CNG), targeted support for the productive sector, and investment in critical power infrastructure.
He warned that importing petrol would weaken domestic refining capacity, worsen foreign exchange instability, discourage investment in local refineries, and reverse recent gains recorded since the commencement of operations at the Dangote Refinery and other local facilities.
“MAN firmly reiterates that Nigeria must strive to produce what it consumes and consume what it produces. It is not in our national interest to sustain dependence on imported fuel when we have both crude oil resources and emerging domestic refining capacity capable of meeting national demand,” he said.
He urged the Federal Government to be cautious of policy prescriptions that could undermine local manufacturing, stressing that inclusive growth, currency stability, job creation, and lower inflation are better achieved through the protection and strengthening of domestic industries.
“The path to a stronger naira, single-digit inflation, and a prosperous Nigeria lies in supporting local production. We must reject policies that ultimately export jobs and import poverty,” he added.
