The World Bank has urged the Nigerian government to reopen the petrol market to competition by reinstating import licences in an effort to reduce the inflationary pressures caused by the fallout of the Middle East conflict.

In its latest Nigeria Development Update released , the Washington-based lender says the suspension of petrol import licences since January 2026 “has reduced competition, allowing prices to exceed import-parity levels”.

Word Bank further says

“Allowing qualified marketers to resume imports would restore competition, reduce pricing distortions and better align domestic prices with global benchmarks,” it says. “Greater market contestability would also strengthen supply security by reducing reliance on a single refinery and broadening sourcing options, while remaining consistent with domestic refining objectives.”

The World Bank recommends reinstating petrol import licences to dismantle a supply monopoly, aiming to lower domestic fuel costs that currently sit 12% above global benchmarks.

“Allowing qualified marketers to resume imports would restore competition, reduce pricing distortions and better align domestic prices with global benchmarks,” it says. “Greater market contestability would also strengthen supply security by reducing reliance on a single refinery and broadening sourcing options, while remaining consistent with domestic refining objectives.”

The World Bank points out that following the recent surge in global oil prices, the Dangote refinery – the main supplier of refined petrol after the regulator ceased issuing import licences in early 2026 – raised its ex-depot petrol price to about ₦1,275 ($0.92) per litre as of 23 March 2026.

That compares to an estimated import-parity price of around ₦1,122 per litre, implying a cost differential of roughly 12%, according to the report.

On 13 March, The Africa Report reported that the battle for survival among Nigeria’s traditional fuel importers had intensified in the first quarter of 2026 following the non-issuance of petrol import licence .

With the Africa report on the World Bank’s stand on Nigeria’s petroleum market, Nigerians continued to express their mixed feelings, noting that other company owners have staff to pay, they were not given the opportunity to import, Nigeria is a big country and a single company and refinery cannot supply sufficient fuel to the teeming millions of Nigerians. It is the nation’s economy; it cannot be handled by a single individual, and if there is a problem, he cannot handle it alone.

Source:Africa Report

Abbas Yushau Yusuf

An All Progressives Congress (APC) chieftain, Malam Inuwa Waya, has emphasized the growing influence of digital journalism, noting that online media now plays a dominant role in shaping public opinion ahead of traditional platforms.

Waya made this known while receiving members of the Kano Online Media Chapel of the Nigeria Union of Journalists (NUJ), where he highlighted how the speed of information dissemination has transformed the media landscape.

According to him, in the past, there was often a significant delay between events and when the public became aware of them. “Before, by the time news filtered through, people had already moved on,” he said. “Now, with the emergence of online media, the gap between newsmakers and the public is no more than three minutes.”

The APC stalwart stressed that digital platforms have effectively taken over all segments of the media industry. He observed that audiences increasingly consume online news multiple times before turning to traditional outlets such as radio, television, or newspapers.

“Today, readers go through online reports repeatedly before considering traditional media,” Waya stated. “This places a greater responsibility on online journalists to eliminate negativity and uphold professionalism in their reporting.”

He further described online media as a critical tool for maintaining checks and balances between the government and the public. However, he cautioned practitioners to operate strictly within ethical standards, noting that the media serves as a mirror of society.

Waya warned that while libel was previously more associated with conventional electronic media, online platforms are now increasingly vulnerable to similar legal risks due to the speed and volume of publication.

He urged journalists to prioritize fairness, accuracy, and objectivity in their work to avoid legal consequences. “You must ensure your reports are balanced and factual,” he advised. “This will provide you with a strong defence should you ever be called upon to answer in a court of law.”

Religious leaders, media professionals, and stakeholders have converged in Gombe State for a two-day capacity-building workshop aimed at combating misinformation and promoting media literacy ahead of Nigeria’s election season.

The workshop, organised by Alkalanci, a fact-checking and media literacy organisation, brought together the Islamic clerics and journalists to strengthen community resilience against false narratives, disinformation and emdisinformation and emerging threats such as deep fakes.

Speaking at the opening ceremony, the editor of Alkalanci, Alhassan Bala, described the initiative as both timely and urgent, warning that the country faces heightened risks of misinformation as the elections approach.

The workshop featured practical sessions on fact-checking, verification of digital content, and strategies for countering false narratives.

Organisers disclosed to Arewa PUNCH that similar trainings have been held in Kano and Sokoto, with expansion plans across Nigeria to build a network of “resilient communities” anchored on truth and accountability.

“Our goal is to create communities where misinformation can not easily take root because people are equipped to challenge and reject it,” Bala said.

“This year is an election eve period, and misinformation is expected to rise not just from local actors but also through foreign information manipulation and interference,” Bala noted.

With the growing sophistication of AI-generated content like deepfakes, we must equip influential voices to protect themselves and their communities from falsehood,” he alerted.

The editor further warned that the rapid spread of unverified content poses a direct threat to peace and unity.

“A single message can reach thousands within minutes. Unfortunately, much of what circulates is misleading or harmful. That is why we are here to build resilience through truth,” he insisted.

Bala noted that the training specifically targets Islamic clerics due to their influence in shaping public opinion.

“For millions, your voices are sources of guidance and authority. With that trust comes the responsibility to ensure what you share is verified and beneficial,” he said.

Representing the Emir of Gombe, Abubakar Shehu-Abubakar, the Dan Amana Gombe, Alhaji Abubakar Isma’ila, underscored the moral and religious obligation to uphold truth.

“Misinformation and disinformation remain among the most pressing challenges of our time, often leading to social tension and conflict,” he said.

Punch