The Centre for the Promotion of Private Enterprise (CPPE) has criticised the World Bank for urging Nigeria to expand imports of petroleum products and food, warning the move could derail ongoing economic reforms.
In a statement, CPPE’s chief executive, Muda Yusuf, described the recommendation as “deeply troubling” and out of step with Nigeria’s current economic direction.
The World Bank, in its recent Nigeria Development Update, had suggested issuing more fuel import licences to ease price pressures and curb inflation. However, the report has since been withdrawn after attracting widespread criticism.
Yusuf argued that Nigeria is already seeing improvements in key macroeconomic indicators, including foreign reserves, inflation trends and foreign exchange stability. He said policymakers should focus on consolidating these gains rather than reversing them.
According to him, Nigeria is gradually moving towards self-sufficiency in petroleum products, driven by private investments in local refining capacity, including the Dangote Refinery.
He warned that increasing imports at this stage could weaken domestic investments, intensify pressure on foreign exchange and expose the economy to external shocks.
“Encouraging imports now risks reversing hard-won gains and undermining local refining efforts,” Yusuf said.
The CPPE boss stressed that long-term economic transformation must be built on production and industrial capacity, not import dependence. He noted that domestic producers face structural challenges such as poor infrastructure, high energy costs, multiple taxation and expensive financing.
He added that foreign competitors often benefit from subsidies and better infrastructure, making the idea of fair competition unrealistic.
On energy security, Yusuf recalled that Nigeria’s previous reliance on imports led to the collapse of local refining and created a costly import regime, with annual bills estimated between $10 billion and $15 billion.
He also warned against excessive food imports, saying they could depress farmgate prices, discourage investment in agriculture and weaken rural livelihoods.
Yusuf urged the World Bank to prioritise policies that support industrialisation, strengthen manufacturing and enhance agricultural value chains.
He maintained that Nigeria’s growth must be driven by domestic production, with a focus on refining capacity, manufacturing competitiveness and food security.
