Muda Yusuf, a prominent economist and financial analyst, has called on the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) to publish the country's fuel supply gap prior to granting import licenses to petroleum marketers. His statement comes in light of a significant 43.3 percent increase in petrol imports, despite the operational capacity of the Dangote Refinery to meet domestic demand.

Yusuf's remarks highlight concerns over the rising volume of petrol imports, which he attributes to the NMDPRA's ongoing issuance of import licenses. The Dangote Refinery has previously criticized these practices, indicating that the regulatory body's actions have contributed to the surge in imports. In fact, the refinery has threatened to cease sales of its products to importers and marketers if the situation does not improve.

The economist, who serves as the Chief Executive Officer of the Centre for the Promotion of Private Enterprise and is a former Director-General of the Lagos Chamber of Commerce and Industry, emphasized the need for transparency in the licensing process. He argued that import approvals should be tied to verified domestic supply gaps to encourage local production and investment.

Yusuf stated, "Regulatory discretion should therefore be exercised transparently, predictably and consistently with the country’s domestic-refining and industrialisation objectives." He urged the NMDPRA to take a more systematic approach by publishing a detailed analysis of the supply gap for each product before approving significant import volumes. This would allow qualified domestic refiners the opportunity to meet the verified demand.

He further suggested that import permits should be restricted to the quantified residual gap and defined validity periods, alongside the publication of monthly data regarding permits, landing, and domestic evacuation.

Yusuf's recommendations aim to create a regulatory environment that fosters fair competition, protects consumer interests, and bolsters Nigeria's domestic productive capacity without resorting to monopolistic practices. His call for a rules-based regulation is seen as a crucial step towards enhancing the country's energy security and promoting industrial growth amidst rising import levels.