CPPE disagrees with World Bank over fuel, food imports

The Centre for the Promotion of Private Enterprise, CPPE, has disagreed with the World Bank over its proposed policy advocating increased importation of petroleum products and food into the country.

In its recent 2026 report, the bank called for increased importation of petroleum products and food in response to supply-side constraints.

However, in his response, the Chief Executive Officer of CPPE, Dr. Muda Yusuf, said: “The CPPE expresses strong reservations about the policy proposition by the World Bank in its recent Nigeria Development Update, advocating increased importation of petroleum products and food as a solution to Nigeria’s supply-side constraints.

“This recommendation is deeply troubling and fundamentally misaligned with Nigeria’s current economic realities and reform trajectory. At a time when the country is making measurable progress in restoring macroeconomic stability—evidenced by improving foreign reserves, moderating inflation, a more stable exchange rate regime, and growing capacity for the export of refined petroleum products—the policy priority should be to consolidate these gains, not undermine them.

“Nigeria is gradually transitioning towards greater self-sufficiency in petroleum product supply, driven by significant private investments in domestic refining capacity. This momentum should be strengthened through deliberate policies that support local production, enhance value addition, and deepen industrial linkages within the economy.

“Encouraging increased importation of petroleum products at this stage risks reversing hard-won gains. It would exacerbate foreign exchange pressures, weaken domestic refining investments, and heighten the economy’s vulnerability to external shocks—particularly in a global environment characterised by geopolitical tensions and energy market volatility.

“The emphasis, therefore, should be on expanding and stabilising domestic production capacity, ensuring reliable crude supply to local refineries on competitive terms, and fostering an enabling environment for downstream sector investments. This is the pathway to sustainable energy security, economic resilience, and long-term industrial development—not a return to import dependence.”

Dr. Yusuf, who made a case for industrialisation and energy security, called for strategic protection of the nation’s economy.

He said: “It is therefore paradoxical—and indeed worrying—that the World Bank is urging developing economies such as Nigeria to embrace policy prescriptions that many advanced economies are increasingly retreating from. Across the developed world, there is a clear resurgence of strategic protectionism and supply chain reconfiguration—driven by lessons from recent global disruptions, including the pandemic and ongoing geopolitical tensions.