The Centre for the Promotion of Private Enterprise (CPPE) has urged the Nigerian government to reject a World Bank recommendation suggesting the reopening of petrol imports as a strategy to curb inflation, describing the proposal as economically counterproductive.
The Chief Executive Officer of CPPE, Dr. Muda Yusuf, made the position known in a statement at the weekend, arguing that increased import dependence would worsen Nigeria’s vulnerability to external shocks.
The World Bank had earlier recommended in its Nigeria Development Update that the country consider reopening the importation of Premium Motor Spirit (PMS) to ease inflationary pressures. The suggestion has since attracted criticism from economists and stakeholders.
Although the World Bank later clarified its stance, advising Nigeria to focus on targeted support measures, the initial proposal continued to generate debate across policy and economic circles.
CPPE, however, maintained that import liberalisation is not a sustainable solution to Nigeria’s structural supply challenges, warning that it could expose the economy to global price instability.
The group pointed to ongoing volatility in global crude oil markets, driven in part by geopolitical tensions involving the United States, Iran, and Israel, as evidence of the risks associated with reliance on imports.
According to CPPE, Nigeria’s economic strategy should prioritise domestic production capacity, particularly in refining, manufacturing, agriculture, and energy security.
It added that a production-driven growth model would strengthen resilience, reduce inflationary pressure in the long term, and support broader industrial development.
The organisation urged policymakers to focus on reforms that enhance self-reliance rather than policies that deepen dependence on imported fuel and other critical commodities.
