CPPE Critiques World Bank's Import Policy for Nigeria
• Punch Newspapers • Business
The Centre for the Promotion of Private Enterprise (CPPE), under the leadership of Chief Executive Officer Dr. Muda Yusuf, has expressed strong disapproval of the World Bank's policy advocating for increased imports of petroleum products and food into Nigeria. Yusuf emphasized that such a policy could jeopardize Nigeria's recent economic progress, particularly during a time when the country is making strides toward macroeconomic stability, evidenced by improved foreign reserves and a moderated inflation rate. He cautioned that increasing imports would weaken the momentum towards self-sufficiency in petroleum supply and discourage domestic refining investments, thereby heightening the economy's vulnerability to external shocks. Yusuf also highlighted the adverse effects of excessive food imports on local farmers and rural livelihoods, warning that this could depress farmgate prices and erode rural incomes. He urged the World Bank to focus on industrialization reforms that support domestic refining and strengthen agricultural value chains, rather than promoting import liberalization, which he deemed unsustainable.
Topics: Economy, Trade