CPPE criticized the World Bank for encouraging fuel and food imports

The Center for the Promotion of Private Enterprise (CPPE) has strongly criticized the World Bank over its latest call to increase fuel and food imports into the country.

In a strongly worded statement on Sunday, CPPE Chief Executive Officer, Dr. Muda Yusuf, described the proposal as “deeply disturbing” and “fundamentally out of sync” with Nigeria’s economic recovery trajectory.

“As Nigeria makes measurable progress in restoring macroeconomic stability, the priority is to consolidate this progress—not undermine it with dependence on imports,” said Yusuf.

The economic think tank warned that encouraging petroleum imports now could derail Nigeria’s gradual shift towards energy self-sufficiency, driven by increasing domestic refining capacity.

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According to Yusuf, such measures would increase pressure on foreign currencies, weaken local refining investment and expose the economy to global shocks.

“Encouraging increased imports of petroleum products at this stage risks reversing hard-won gains and undermining investor confidence,” he said.

The group emphasized that Nigeria must prioritize policies that support local production, ensure crude oil supplies to domestic refineries, and deepen industrial ties.

CPPE rejected the World Bank’s stance as anti-industrialization, and warned that it could accelerate de-industrialization in Africa’s largest economy.

By: Babajide Okeowo