Nigeria, April 13 -- The Centre for the Promotion of Private Enterprise (CPPE) has cautioned against the World Bank's recommendation to increase the importation of fuel and food, warning that such a policy could undermine Nigeria's economic stability and industrial growth.

In a statement signed by its Chief Executive Officer, Muda Yusuf, and issued on Sunday, the CPPE described the recommendation in the World Bank's Nigerian Development Update as "deeply troubling and fundamentally misaligned" with Nigeria's current economic realities and reform.

The organisation stressed that at a time the country is recording improvements in foreign reserves, inflation, and exchange rate stability, policy efforts should focus on strengthening domestic...