The President of the League of African Ambassadors (LAA), Ambassador Nwanne Ominyi, has called for a more contextual assessment of Nigeria’s downstream petroleum sector, urging stakeholders to consider the country’s historical background, development realities, and Africa’s long-term strategic interests.
Ambassador Ominyi stated this while responding to recent commentary and policy recommendations by the World Bank on Nigeria’s petrol market and the role of indigenous industrial investments.
In a statement signed by his senior adviser on Media, Chris Mayor, the league acknowledged the importance of competitive markets in driving efficiency, innovation, and fair pricing.
However, it was noted that, despite being a major crude oil producer, Nigeria had for decades depended heavily on imported refined petroleum products. According to the League, this reliance placed pressure on foreign exchange reserves, exposed the country to global supply disruptions, and weakened domestic industrial capacity.
The statement highlighted the emergence of large-scale refining infrastructure led by African enterprises as a significant turning point, describing such investments as strategic assets that enhance energy security, promote value addition, create jobs, and retain wealth within the continent.
The League cautions against labelling indigenous capacity-building efforts as market distortions without acknowledging the structural imbalances that have historically disadvantaged local industries. It stressed that the previous import-dependent system should not be seen as a benchmark for healthy competition.
The LAA reaffirmed its position, emphasising the importance of building sustainable competition through strong domestic capacity. It added that strategic industries in developing economies often require coordinated policy support during their growth phase, while energy security and economic sovereignty remain critical priorities for African nations.
The League also underscored the need for development policies that reflect Africa’s unique realities, rather than relying solely on external frameworks that may not fully align with local conditions.
It called for a balanced approach that promotes competition while safeguarding key investments necessary for long-term industrial growth and self-reliance. The statement added that decisions made at this critical moment would determine whether Africa continues as a net exporter of raw materials or evolves into a hub of industrial production and economic resilience.
