The Centre for the Promotion of Private Enterprise (CPPE) has strongly condemned the World Bank over its latest call for increased importation of fuel and food into the country.
In a strongly worded statement on Sunday, the Chief Executive Officer of CPPE, Dr. Muda Yusuf, described the proposal as “deeply troubling” and “fundamentally misaligned” with Nigeria’s economic recovery trajectory.
“At a time when Nigeria is making measurable progress in restoring macroeconomic stability, the priority should be to consolidate these gains—not undermine them with import dependence,” Yusuf declared.
The economic think-tank warned that encouraging petroleum imports now could derail Nigeria’s gradual shift toward energy self-sufficiency, driven by rising domestic refining capacity.
According to Yusuf, such a move will intensify pressure on foreign exchange, undermine local refining investments, and expose the economy to global shocks
“Encouraging increased importation of petroleum products at this stage risks reversing hard-won gains and weakening investor confidence,” he said.
The group stressed that Nigeria must instead prioritise policies that support local production, ensure crude supply to domestic refineries, and deepen industrial linkages.
CPPE dismissed the World Bank’s position as anti-industrialisation, warning it could accelerate de-industrialisation in Africa’s largest economy.
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