CPPE urges FG to reject World Bank fuel import proposal
CPPE urges Nigerian government to reject World Bank proposal to reopen fuel imports, calling it 'counterproductive' and 'not sustainable' to Nigeria's supply-side challenges.
According to CPPE CEO Dr. Muda Yusuf, import liberalization would expose Nigeria to greater external shocks due to global crude oil price volatility caused by the nearly seven-week Iran-United States-Israel war.
The World Bank initially recommended reopening PMS import to curb inflation in its Nigeria Development Update, but later reversed to 'targeted support' approach following backlash from experts and Nigerians.
CPPE emphasizes that Nigeria's development must be anchored on production-driven growth with strong domestic refining capacity, competitive manufacturing, robust agricultural systems, and energy and food security. The organization urges policymakers to reject import-dependent strategies and prioritize reforms that build a resilient, self-reliant, and industrialized Nigerian economy.
How do you see the balance between short-term inflation relief and long-term economic self-reliance in fuel policy?