Nigerian Group Criticizes World Bank Import Advice

The Centre for the Promotion of Private Enterprise, a Nigerian economic policy group, has criticized a recent World Bank recommendation to increase imports of petroleum products and food as a way to ease supply constraints, arguing that such a move could jeopardize the country's progress toward energy self-sufficiency.

In a statement issued on Sunday, the group's chief executive, Dr. Muda Yusuf, described the advice in the World Bank's April 2026 Nigeria Development Update as deeply troubling and out of step with Nigeria's reform efforts. The report acknowledged improvements in the nation's macroeconomic stability, including a more stable exchange rate and growing foreign reserves, but highlighted ongoing challenges like high inflation and surging domestic fuel prices. It pointed to the suspension of import licenses since January 2026, which has reduced competition and pushed prices above import-parity levels, with diesel costs nearly doubling in some areas between February and March.

Yusuf emphasized that Nigeria's historical reliance on imported petroleum products drained between $10 billion and $15 billion annually at its peak, weakened foreign exchange reserves, and led to...