Fuel import recommendation: World Bank backtracks, removes Nigeria development update report from website

The World Bank has removed its most recent Nigeria Development Update (NDU) report from its official website.

The withdrawal occurred three days after the global financial institution initially published the report on April 7, leading to public speculation and increased interest in its contents.

Included in the report is a recommendation to government to allow imports of premium motor spirit, however, the world body has now published an extract in which posited that given current global energy supply disruptions, such recommendation may run counter to efforts that countries around the world are undertaking to ensure their energy and national security.

The World back said “In the case of Nigeria, the focus should be to provide targeted support to the most vulnerable people through their well-functioning social safety net system, and the World Bank Group stands ready to step up its existing support.

“Over time, transitioning toward a competitive retail market for Premium Motor Spirit is an important policy direction that requires a well-sequenced implementation strategy that guarantees the quality and standards of all petroleum products.

The World Bank Group recognizes the efforts of the Government of Nigeria and the Nigerian private sector in taking concrete steps to safeguard fuel supply — a foundation that is essential to protect consumers and businesses.