The Centre for the Promotion of Private Enterprise (CPPE) has cautioned Nigeria against adopting recommendations by the World Bank to increase the importation of fuel and food. In a statement issued on Sunday, CPPE Chief Executive Officer, Muda Yusuf, described the proposal as misaligned with Nigeria’s economic realities and reform efforts.
Yusuf said that at a time Nigeria is recording improvements in foreign reserves, inflation and exchange rate stability, policy focus should remain on strengthening domestic production. He stressed that increasing import dependence could undermine industrial growth and reverse progress toward self-sufficiency in petroleum products.
The CPPE noted that expanding local refining capacity and supporting downstream investments should be prioritised. The group pointed to recent progress in domestic refining, including the operationalisation of the Dangote Refinery, as evidence that Nigeria can achieve energy self-sufficiency with the right policies.
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The organisation also warned that increased food imports could harm local agriculture by discouraging investment and weakening rural livelihoods. Muda Yusuf added that import-driven policies may expose the economy to foreign exchange pressures and external shocks, urging policymakers to prioritise reforms.
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