The Centre for the Promotion of Private Enterprise has kicked against the World Bank’s recent policy advocacy, cautioning that a return to heavy reliance on fuel and food imports could reverse the country’s economic gains.
In a policy brief issued by Chief Executive Officer Dr. Muda Yusuf, the think tank characterized the World Bank’s Nigerian Development Update as a regressive strategy that ignores the measurable progress made in stabilizing the exchange rate, moderating inflation, and boosting foreign reserves.
The CPPE maintained that prioritizing import-driven solutions at a time when domestic refining capacity is finally expanding would not only exacerbate foreign exchange pressures but also undermine billions of dollars in private sector investments aimed at achieving energy self-sufficiency.
Dr. Yusuf argued that the World Bank’s push for trade liberalization creates a deceptive narrative of competition.
He observed that domestic producers are currently forced into an inequitable contest against foreign entities supported by state subsidies and efficient infrastructure, while Nigerian firms remain burdened by high interest rates exceeding 25%, prohibitive energy costs, and significant logistics bottlenecks.
This structural asymmetry, the CPPE warns, risks accelerating de-industrialization and destroying local jobs in the real sector.
The statement further highlighted a global shift toward strategic protectionism among advanced economies, noting the irony of international institutions urging developing nations to embrace liberalization policies that the developed world is increasingly abandoning in favor of supply chain resilience.
The CPPE asserted that Nigeria’s path to sustainable growth lies in a production-driven model that guarantees crude supply to local refineries and enhances agricultural productivity.
The CPPE further called on Nigerian policymakers to reject import-dependent frameworks that heighten vulnerability to global shocks.
The organization emphasized that true economic sovereignty and long-term industrial development can only be secured through a coherent strategy that prioritizes value addition, strengthens manufacturing competitiveness, and protects the domestic industrial ecosystem from the risks of dumping and substandard imports.