CPPE rejects World Bank import push, urges industrial focus
Through its founder Dr. Muda Yusuf, the Centre for the Promotion of Private Enterprise (CPPE) has faulted a World Bank recommendation advocating increased importation of petroleum products and food. In
Through its founder Dr. Muda Yusuf, the Centre for the Promotion of Private Enterprise (CPPE) has faulted a World Bank recommendation advocating increased importation of petroleum products and food.
In a statement yesterday, Yusuf said the advice was misaligned with Nigeria’s reform path and threatened long-term development goals.
He maintained that industrialisation remained the most viable pathway to Nigeria’s economic transformation.
The World Bank projected about 4.2 per cent economic growth for Nigeria in 2026.
It also urged authorities to save oil windfalls, tighten monetary policy and avoid blanket subsidies to curb inflation.
But Yusuf said that, as macroeconomic stability improves, priorities should consolidate gains through domestic production and value addition rather than import dependence.
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He stressed that sustainable transformation was anchored on strong industrial capability.
According to him, increased importation to address supply constraints would undermine local production and weaken the real sector.
“What the Nigerian economy urgently requires is a coherent industrial strategy that expands domestic production capacity and strengthens manufacturing competitiveness,” he said.
Yusuf warned that import-driven solutions could accelerate de-industrialisation, limit job creation and expose the economy to external shocks.
He noted that domestic producers faced constraints including poor infrastructure, high energy costs, elevated lending rates, and multiple taxation.
The CCPE boss said presenting import liberalisation as a competition tool ignored business realities and disadvantaged local investors.
Yusuf added that industrialisation required deliberate policies to reduce costs, improve logistics and strengthen industrial ecosystems.
He emphasised that Nigeria’s transition toward self-sufficiency in petroleum refining should be protected through supportive policies.
He warned that increased petroleum imports could weaken refining investments, heighten foreign exchange pressures and reverse sectoral gains.
On agriculture, Yusuf cautioned that excessive food imports could discourage local production, depress rural incomes and undermine food security.
He suggested that Nigeria’s food system must be strengthened through improved productivity, value chain development and better market access.
Yusuf highlighted risks of import dependence, including pressure on reserves, exchange rate volatility and weakened industrial linkages.
He noted that many advanced economies now prioritise domestic production and supply chain resilience through strategic protectionism.
Yusuf urged the World Bank to refocus its advisory toward industrialisation-driven reforms supporting local refining, manufacturing and agriculture.
He listed priorities including reducing production costs, strengthening industrial clusters, promoting backward integration and addressing structural bottlenecks.
“Import liberalisation is not a sustainable solution. The focus should be on building a resilient, self-reliant and industrialised economy.” he said.
