The World Bank has removed its Nigeria Development Update report from its website after initially advising the Federal Government to sustain the importation of Premium Motor Spirit (PMS) to stabilise fuel supply.
The April 2026 report, released earlier this week, had recommended continued fuel imports alongside a gradual transition to a competitive downstream market.
However, checks by Nairametrics show that the report was no longer available on the bank’s website as of the time of filing this report.
In a subsequent statement, the World Bank indicated that such recommendations may no longer fully apply, citing evolving global energy dynamics.
What the World Bank is saying
The World Bank clarified its position, highlighting the need to balance policy recommendations with global energy realities.
- “Given current global energy supply disruptions, such a recommendation may run counter to efforts that countries around the world are undertaking to ensure their energy and national security,” the bank stated in a latest statement on its website.
- “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 bank also noted that it recognises the efforts of the Federal Government and the private sector in safeguarding fuel supply to protect consumers and businesses.
The institution emphasised that while reforms are necessary, they must be carefully implemented to avoid unintended consequences for consumers.
Get up to speed
Nigeria’s downstream petroleum sector has undergone significant reforms in recent years, particularly following the removal of fuel subsidies.
- The policy shift has exposed domestic fuel prices to global market fluctuations.
- Efforts are ongoing to improve local refining capacity, though imports remain critical to meeting demand.
- Global geopolitical tensions have further complicated energy supply chains, influencing policy direction.
These developments have made fuel supply stability and pricing a key concern for both policymakers and consumers.
More Insights
The World Bank continues to advocate a balanced approach to Nigeria’s energy sector reforms.
- It called for a gradual transition toward a competitive PMS retail market to improve efficiency and attract investment.
- The institution stressed the importance of enforcing quality standards and regulatory oversight in the downstream sector.
- It also highlighted the role of social protection measures in cushioning the impact of reforms on vulnerable populations.
The removal of the report underscores the sensitivity of policy recommendations in a rapidly changing global energy environment.
What you should know
The U.S.-Israel conflict with Iran drove oil prices higher, pressured global equities, and increased inflation concerns.
Concerns about Nigeria’s social safety net system have been raised by multiple institutions amid ongoing economic reforms.
- In November 2025, the World Bank noted that many poor Nigerians remain unreached despite existing programmes.
- In June 2025, the International Monetary Fund (IMF) flagged gaps in Nigeria’s ability to protect vulnerable citizens from reform-induced shocks.
- The Centre for the Promotion of Private Enterprise (CPPE) has also urged the government to strengthen social protection measures.
