Nigeria’s Centre for the Promotion of Private Enterprise (CPPE) has urged the government to reject a World Bank proposal to reopen petrol imports as a means to control inflation. The CPPE described this suggestion as counterproductive and unsustainable. In a statement released over the weekend, CPPE chief executive Dr. Muda Yusuf argued that liberalizing imports would increase Nigeria’s vulnerability to external shocks, especially in light of the current volatility in global crude oil prices, which is driven by ongoing geopolitical tensions, including the nearly seven-week conflict involving Iran, the United States, and Israel.
The World Bank had previously recommended reopening imports of Premium Motor Spirit (PMS) in its Nigeria Development Update, with the intention of alleviating inflationary pressures. However, this proposal faced immediate criticism from economic experts and the public. Following this backlash, the World Bank clarified its position, advising Nigeria to concentrate on targeted support measures instead.
The CPPE insists that Nigeria’s economic trajectory should be anchored in a production-driven growth model. This model emphasizes the importance of enhancing domestic refining capacity, fostering competitive manufacturing, and strengthening robust agricultural systems, alongside ensuring energy and food security. The centre cautioned that reliance on fuel imports would hinder efforts to develop a resilient, self-reliant, and industrialized Nigerian economy. It called on policymakers to prioritize reforms that bolster local production and decrease dependence on external supply chains, asserting that sustainable economic stability cannot be achieved through strategies that rely on imports.
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