CPPE Rejects World Bank's Import Increase Call

The Centre for the Promotion of Private Enterprise (CPPE), founded by Dr. Muda Yusuf, has rejected the World Bank's call for increased imports of petroleum products and food, arguing that such a move would undermine Nigeria's economic development. In a statement made on Sunday, Yusuf described the World Bank's advice as inconsistent with Nigeria's reform agenda and emphasized that maintaining industrialization is a viable pathway for transforming the economy.

The World Bank projects a 4.2% economic growth for Nigeria in 2026, but Yusuf urged authorities to save oil windfall revenues, tighten monetary policies, and avoid blanket subsidies to curb inflation. He highlighted the importance of consolidating gains in domestic product value addition rather than increasing import dependency.

Yusuf warned that import-driven solutions could limit job creation and expose the economy to external shocks, stressing the need for coherent industrial strategies to strengthen manufacturing competitiveness and improve logistics.