CPPE Critiques World Bank's Fuel Import Advice for Nigeria

The Centre for the Promotion of Private Enterprise (CPPE), led by Chief Executive Officer Dr. Muda Yusuf, has expressed concerns regarding the World Bank's recommendation for Nigeria to increase its petroleum product imports to address supply constraints. The CPPE argues that this advice undermines Nigeria's push for energy self-sufficiency and misaligns with the country's current economic trajectory, particularly in light of recent macroeconomic improvements and emerging domestic refining capacities.

They warn that increased import dependence could weaken investor confidence in local refineries and heighten exposure to external shocks linked to global oil price volatility. The CPPE advocates for prioritizing the expansion of refining capacity, improving infrastructure, and reducing product costs to strengthen the downstream sector.

They note that recent investments in the refining sector signal a growing potential for energy self-sufficiency, urging policymakers to align with global trends towards energy security and reduced reliance on imports.