The Centre for the Promotion of Private Enterprise (CPPE) has pushed back against a World Bank recommendation suggesting increased importation of food and petroleum products into Nigeria.
Speaking from Lagos, CPPE Director, Dr. Muda Yusuf, said the proposal contradicts Nigeria’s economic direction and could undermine long-term growth.
He maintained that Nigeria’s development should be anchored on industrialisation and local production, rather than relying heavily on imports to meet domestic demand.
The World Bank had forecast a 4.2% GDP growth for Nigeria in 2026 alongside policy suggestions including tighter monetary measures and reduced subsidies.
However, CPPE argued that improving macroeconomic conditions should be used to strengthen the country’s manufacturing base and productive sectors.
Yusuf warned that excessive dependence on imports could weaken local industries, reduce employment opportunities, and increase vulnerability to global economic shocks.
He highlighted key challenges facing Nigerian producers, including high energy costs, poor infrastructure, limited access to finance, and multiple taxation
According to him, encouraging imports as a competitive tool ignores the realities faced by local businesses and may discourage investment.
On the oil sector, Yusuf cautioned that increased importation of petroleum products could reverse gains made in domestic refining while placing additional pressure on foreign exchange reserves.
He also raised concerns about the agricultural sector, noting that large-scale food imports could discourage farmers, reduce rural income, and threaten food security.
Yusuf emphasised the need for policies that promote self-reliance boost productivity, and improve supply chain efficiency.
He added that several developed economies are adopting strategies that prioritise local production and protect critical industries.
The CPPE called on the World Bank to adjust its policy recommendations to support Nigeria’s push for industrial development, particularly in manufacturing, agriculture, and energy.
He concluded that building a strong, self-sustaining economy is key to achieving lasting growth and stability.
