The Centre for the Promotion of Private Enterprise (CPPE) has rejected a World Bank proposal encouraging increased importation of petroleum products and food, warning that such a move could hinder Nigeria’s long-term economic development.
Founder of the CPPE, Muda Yusuf, stated that the recommendation is inconsistent with Nigeria’s ongoing reform direction and could weaken efforts toward industrial growth.
While the World Bank projects Nigeria’s economy could grow by about 4.2% in 2026, it also advised policy measures such as saving oil revenues, tightening monetary policy, and avoiding broad subsidies to control inflation.
However, Yusuf argued that Nigeria’s real pathway to sustainable growth lies in strengthening domestic production, expanding manufacturing capacity, and reducing dependence on imports.
He warned that increased importation of fuel and food could discourage local producers, worsen foreign exchange pressure, and reverse gains in the refining and agricultural sectors.
According to him, industrialisation, not import liberalisation, should remain the focus, supported by policies that reduce production costs, improve infrastructure, and strengthen value chains.
He further urged policymakers to prioritise domestic refining, agricultural productivity, and industrial competitiveness as key drivers of economic transformation.
