CPPE Urges Nigeria to Expand Domestic Refining Capacity

The Centre for the Promotion of Private Enterprise (CPPE) has advised the Nigerian government to prioritize the expansion of domestic refining capacity and to reject the World Bank's recent recommendation to increase imports of petroleum products and food items. In a press statement issued on October 17, 2023, CPPE expressed strong reservations about the World Bank's policy proposal, arguing that it misaligns with Nigeria's economic realities.

Dr. Muda Yusuf, the Chief Executive Officer of CPPE, stated that relying on imports would deepen structural vulnerabilities and accelerate de-industrialization, exposing the economy to greater external shocks. He emphasized the importance of a product-driven growth model characterized by strong domestic refining capacity, a competitive manufacturing sector, and a robust agricultural system.

The CPPE called for a coherent industrial strategy to strengthen manufacturing competitiveness and deepen value chains across critical sectors, warning that import-driven solutions could undermine job creation and economic growth.