CPPE rejects World Bank call for increased imports, urges industrialization
via Punch Nigeria2 hours ago2 min read
The Centre for the Promotion of Private Enterprise CPPE has rejected a World Bank recommendation to increase imports of petroleum products and food, warning it could hinder Nigeria’s economic development. Dr. Muda Yusuf, CPPE founder, stated that this advice contradicts Nigeria’s reform agenda and that industrialization is the most viable path to economic transformation. While the World Bank projected 4.2% economic growth for Nigeria in 2026 and advised saving oil windfalls, tightening monetary policy, and avoiding blanket subsidies, Yusuf argued that improved macroeconomic stability should prioritize domestic production and value addition over import dependence. He emphasized that increased importation to address supply constraints would undermine local production and weaken the real sector, potentially leading to de-industrialization, limited job creation, and economic vulnerability to external shocks. Yusuf noted that domestic producers face challenges such as poor infrastructure, high energy costs, elevated lending rates, and multiple taxation. He added that industrialization requires deliberate policies to reduce costs, improve logistics, and strengthen industrial ecosystems. He also stressed the importance of protecting Nigeria’s transition towards self-sufficiency in petroleum refining and cautioned that excessive food imports could discourage local production and undermine food security. Yusuf urged the World Bank to refocus its advisory towards industrialization-driv
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