The World Bank's recommendation in its Nigeria Development Update to increase imports of food and petroleum products to address supply constraints has alarmed the Centre for the Promotion of Private Enterprise (CPPE), which warns it could jeopardize Nigeria's efforts to achieve energy self-sufficiency.
The CPPE's chief executive officer, Dr. Muda Yusuf, made the remark on Sunday.
The response comes after the World Bank had previously advised Nigeria to continue importing Premium Motor Spirit (PMS) in order to stabilize the fuel supply. However, the report was later taken down from its website and replaced with a clarification that called for a reevaluation in light of changing global energy dynamics.
According to the CPPE, Nigeria's existing economic trajectory and reform path are at odds with the World Bank's advice to expand petroleum product imports.
It made the case that growing domestic refining capability and recent macroeconomic advancements should be strengthened rather than undermined by increased reliance on imports.
It made the case that growing domestic refining capability and recent macroeconomic advancements should be strengthened rather than undermined by increased reliance on imports.
The report was later removed from the World Bank’s website, drawing attention to possible revisions in its policy stance.
Read More IMF SPIN OF TINUBU
No comments:
Post a Comment