CPPE Issues Strong Warning Over World Bank's Import Recommendations for Nigeria
The Centre for the Promotion of Private Enterprise (CPPE) has voiced significant concerns regarding the World Bank's recent policy suggestions for Nigeria, which advocate for increased importation of petroleum products and food to address supply-side constraints. In a detailed statement released on April 13, 2026, the CPPE emphasized that such a strategy could have severe repercussions on the nation's economic stability and long-term development goals.
Risks of Import Surges on Domestic Agriculture
Dr. Muda Yusuf, the Chief Executive Officer of CPPE, highlighted that a surge in imports is likely to depress farmgate prices, discourage vital investments in the agricultural sector, erode rural incomes and livelihoods, and ultimately undermine the resilience of Nigeria's food systems. He pointed out that this approach contradicts the global trend where advanced economies are increasingly adopting strategic protectionism to bolster domestic production capacities.
Yusuf stated, "It is paradoxical and indeed worrying that the World Bank is urging developing economies like Nigeria to embrace policy prescriptions that many advanced nations are retreating from." He noted that lessons from recent global disruptions, such as the pandemic and geopolitical tensions, have driven major economies to prioritize local production, supply chain resilience, and economic security through subsidies, tariffs, and localization policies.
Call for Industrialization-Driven Reforms
Instead of advocating for import liberalization, Yusuf stressed that the World Bank should recalibrate its advisory focus towards reforms that promote industrialization. Key recommendations include expanding domestic refining capacity, ensuring guaranteed crude supply to local refineries, reducing production costs in energy and logistics, strengthening manufacturing ecosystems, and enhancing agricultural productivity through improved agro-processing value chains.
He elaborated, "Sustainable economic transformation is anchored on production, value addition, and industrial capability—not import dependence." Yusuf warned that relying on import-driven solutions risks accelerating de-industrialization, weakening the real sector, and undermining job creation prospects in Nigeria, which faces a rapidly growing labor force.
Pathway to Sustainable Growth
The CPPE's stance underscores the necessity for Nigeria to adopt a coherent industrial strategy that expands domestic production capacity, strengthens manufacturing competitiveness, and deepens value chains across critical sectors. By focusing on boosting domestic agricultural productivity and strengthening value chains, Nigeria can achieve self-reliance, industrialize its economy, and enhance food security without falling into the trap of external dependency.
This approach aligns with broader economic resilience goals, aiming to deliver sustainable growth, job creation, and a robust foundation for Nigeria's future development.
