CPPE warns World Bank import policy could undermine Nigeria's economic growth
CPPE slams World Bank recommendation to increase fuel and food imports, calling it 'deeply troubling and fundamentally misaligned' with Nigeria's economic realities. The private enterprise group warns such policy could reverse hard-won gains in foreign reserves, inflation control, and exchange rate stability.
Currently importing fuel costs Nigeria $10-15 billion annually, but recent progress with Dangote Refinery shows capacity for self-sufficiency. CPPE emphasizes domestic refining capacity expansion, reliable crude supply, and downstream investments as priorities.
Domestic producers face structural challenges: poor logistics, energy costs, lending rates exceeding 25-30%, and multiple taxation. The group argues increasing imports creates unfair competition, threatens industrialization, and risks de-industrialization in an economy with growing labor force.
Food imports could further harm agriculture by depressing farmgate prices and discouraging investment. With Nigeria gradually achieving petroleum self-sufficiency, should the country strengthen domestic production capacity or increase import dependence?