Fuel hike: LAA tackles world bank over unguarded comment on Nigeria’s petrol market

By Uchenna Okeh Abakaliki 

The League of African Ambassadors at the weekend tackled world bank for allegedly talking down on Nigeria’s petrol market and the role of large-scale indigenous industrial investments.

The leadership of the League of African Ambassadors made this known in a statement signed by it’s President, Ambassador Nwanne Ominyi and issued to newsmen in Abakaliki by his special Assistant, SA, on media, Chris Mayor.

The statement reads in part “We wish to respond to recent commentary and policy recommendations made by world bank concerning Nigeria’s petrol market and the role of large-scale indigenous industrial investments

“We acknowledge the importance of competitive markets in fostering efficiency, innovation, and fair 

pricing.

 “However, we emphasize that any assessment of Nigeria’s downstream petroleum sector must 

be grounded in historical context, developmental realities, and Africa’s long-term strategic interests.

“For decades, Nigeria—despite being a leading crude oil producer—relied heavily on imported refined petroleum products. 

“This dependency imposed significant economic costs, including pressure on foreign exchange reserves, exposure to global supply disruptions, and the erosion of domestic industrial 

capacity.

The President, Ominiyi noted further that: “The emergence of large-scale refining infrastructure led by African enterprise represents a transformative shift. 

“Such investments are not merely commercial ventures; they are strategic assets that advance energy security, promote value addition, create employment, and retain wealth within the continent.

“It is therefore essential to avoid framing indigenous capacity-building efforts as market distortions without equal consideration of the structural imbalances that historically disadvantaged local industry. 

“The previous import-dependent regime cannot be idealized as a benchmark for healthy competition.

“The League maintains that: Sustainable competition must be built on a foundation of strong domestic capacity.

“Strategic industries in developing economies often require policy alignment and support during their 

maturation phase.

“Energy security and economic sovereignty are legitimate priorities for African nations.

“We further stress that Africa’s development trajectory must be determined by policies that reflect its 

unique realities, not solely by externally derived frameworks that may not fully account for local conditions.

“The League of African Ambassadors calls for a balanced approach—one that encourages competition, while safeguarding critical investments that position Africa for long-term industrial growth and self-reliance.

“Africa stands at a pivotal moment. The decisions taken today will determine whether the continent continues as a net exporter of raw materials or evolves into a hub of industrial production and economic resilience” he stated.