Economic Think Tank CPPE Rejects World Bank Proposal for Increased Imports, Warning of Threatened Industrial Recovery

Dr. Muda Yusuf and the CPPE reject World Bank calls for increased imports, warning it will destroy Nigeria's domestic refining gains and drain forex.

By: AXL Media

Published: Apr 13, 2026, 4:47 AM EDT

Source: Information for this report was sourced from Ripples Nigeria

A Confrontation Over Economic Sovereignty

The Centre for the Promotion of Private Enterprise (CPPE) has issued a sharp rebuttal to the World Bank’s latest policy recommendations for Nigeria. In a statement released on Sunday, the think tank expressed deep concern over the international lender’s call for the country to ramp up its importation of food and petroleum products. CPPE Chief Executive Officer, Dr. Muda Yusuf, described the World Bank’s stance as "deeply troubling," arguing that it contradicts the nation's current efforts to stabilize the macroeconomy and reduce external dependency.

Defending Local Refining and Energy Security

A primary point of contention involves the domestic energy sector. Dr. Yusuf noted that Nigeria is currently witnessing a gradual shift toward energy self-sufficiency, fueled by an increase in domestic refining capacity. He warned that following the World Bank’s advice to encourage petroleum imports would undermine these multi-billion dollar local investments. According to the CPPE, such a policy shift would not only weaken investor confidence but also expose the Nigerian economy to the volatility of global energy shocks at a time when local production is finally becoming a viable reality.

The Foreign Exchange Factor

The CPPE highlighted that an import-heavy approach would place unsustainable pressure on the nation’s foreign exchange reserves. By prioritizing imports over local industrialization, the think tank argues that Nigeria would be essentially subsidizing foreign industries at the expense of its own recovery. Dr. Yusuf emphasized that the current priority for policymakers should be the consolidation of macroeconomic gains, which requires a focus on domestic production rather than returning to a cycle of chronic import dependence.