Tag: Dr. Muda Yusuf

Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf has said the country must prioritise production growth, investment facilitation and improved security through close collaboration with industry stakeholders in order to achieve its target of increased crude oil production output of two million barrels per day.

In a statement on the appointment of the new Chief Executive Officers for the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and the Nigerian Upstream Petroleum Regulatory Commission (NUPRC), Yusuf also called for expanded investment in gas production, as well as compliance with domestic crude supply obligations to domestic refineries.

According to him, on the upstream sub sector of the industry, Nigeria must urgently ramp up crude oil and gas production by implementing policies that attract fresh investments across onshore and offshore assets. This, he note, is particularly critical as the global energy transition accelerates; hence, the country must maximise the value of its hydrocarbon endowments while the opportunity still exists.

He outlined that these strategic imperatives must define the direction of Nigeria’s new petroleum regulatory leadership if the sector is to drive sustainable growth, industrialisation and long-term economic resilience effectively.

He commended President Bola Tinubu for the recent reset of the country’s petroleum regulatory architecture through the appointments.

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He noted that the appointments presented a strategic opportunity to reposition the oil and gas regulatory environment in line with the administration’s commitment to energy sovereignty, energy security, self-reliance and accelerated production growth.

He charged the new helmsmen at both regulatory agencies to urgently refocus the sector’s priorities on reducing import dependence, expanding domestic capacity and catalysing investment across the entire oil and gas value chain.

He urged that in the downstream segment, strong and deliberate support for domestic refining must be an immediate and non-negotiable priority.

He argued that government policy should clearly favour locally refined petroleum products through targeted fiscal, regulatory and infrastructural support for both public and private refineries, while actively encouraging new investments in refining capacity.

He said: “Nigeria must end the current distortion whereby imported petroleum products are made to compete with locally refined products under unequal regulatory and fiscal conditions. This does not constitute fair competition. Genuine competition only exists when all operators function within the same policy, tax and regulatory environment.

“The NMDPRA must therefore place domestic refining at the centre of its policy framework, in line with the President’s Nigeria-First policy direction and industrialisation agenda. This is not merely to protect investors, but to safeguard Nigeria’s long-term economic interests. A strong domestic refining base is fundamental to building a resilient, energy-secure and sovereign economy. It is also critical for job creation, foreign exchange conservation, macroeconomic stability and the development of export-oriented refining capacity.

“More importantly, domestic refining is a major pathway to backward integration and resource-based industrialisation. Supporting refineries strengthens Nigeria’s petrochemical, fertiliser and allied industries, thereby creating broader industrial value chains that drive inclusive growth”.

Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, has called for the protection of investors, entreprenuers  as well as employers of labour in the country. He said this in a position paper on “Protecting investors and employers: A national policy imperative” made available to The Nation, yesterday.

Yusuf, an economist, noted that while investors, entrepreneurs, and employers are the lifeblood of every modern economy, as they take risks, mobilise capital, create jobs, generate tax revenues, and drive innovation, but in Nigeria, their rights and investments remain inadequately protected.

Noting that the labour unions play a legitimate role in protecting workers, he nonetheless insisted that their activities must align with the law and national interest. Reforms in this aspect should include proportionality of industrial actions; designation of strategic sectors- including energy, health, transport, and ICT, as essential services, where strikes are restricted or prohibited; introduction of compulsory arbitration in essential sectors to prevent economic paralysis; clear sanctions and restitution requirements for unlawful strikes that inflict damage on businesses and the economy.

 “Labour rights should end where those of employers begin.  Investors should have as much rights to protect their investment as labour unions have the rights to protect the workers.  There is a need for a fair and equitable balance. Mandatory publication of audited union accounts and governance records to enhance transparency,” Yusuf said.

According to him, while significant legal safeguards exist for workers and employees, there is no comprehensive framework that protects the interests of investors and employers.

“This imbalance undermines investor confidence and leaves those who create jobs vulnerable to disruptions- particularly from industrial actions by labour unions. The real sector is especially exposed, given its large workforce, high fixed costs, and significant sunk investments.  There are worries as well about the seemingly unlimited powers of regulatory institutions,” Dr. Yusuf said.

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He therefore muted that a robust policy response that creates a fair, predictable, and secure investment climate; protects those who create jobs; and ensures that industrial relations are governed by law, due process, and mutual respect, has therefore become imperative.

 “Protecting investors and employers is not a privilege, it is a national economic imperative. Without them, there can be no sustained growth, no employment, and no national prosperity. Nigeria must, therefore, urgently institutionalise a fair, secure, and predictable business environment that protects those who take risks to create wealth. This is not about weakening labour unions, but about balancing rights and responsibilities, to foster sustainable economic growth, social stability, and national security,” he argued.

Yusuf argued that investors in the country operate in an environment marked by uncertainty and institutional weakness. He noted key sources of vulnerability to include a of comprehensive legislation guaranteeing the rights of investors or shielding them from harassment, arbitrary regulatory decisions, or unlawful shutdowns; unrestrained union actions follow arising from a growing culture of coercion, intimidation and impunity among labour unions, resulting in industrial actions that are often out of proportion, which frequently escalate into large-scale disruptions that paralyse production, inflict huge financial losses and undermine national economic stability.

The CPPE boss also noted the role of regulatory unpredictability, arising from frequent policy reversals, inconsistent enforcement and opaque regulatory processes which raise business risks and discourage long-term investments; bureaucratic bottlenecks and weak dispute resolution  which stems from cumbersome procedures, unauthorised enforcement actions and protracted legal disputes that create delays and uncertainty, undermining investor confidence and productivity. He noted that these factors erode Nigeria’s competitiveness, deter both local and foreign investment and slow economic growth and job creation.

Yusuf also said that these have not been without its economic and social consequences. For instance, investor vulnerability, he explained, carries serious macroeconomic and social consequences.

 “When investors lose confidence, capital flight intensifies, foreign direct investment declines, and domestic enterprises contract their operations. The resulting chain reaction includes job losses, declining tax revenues, and reduced economic growth.

 “Unrestrained strikes in strategic sectors such as energy, transport, and health disrupt production, threaten national security, and endanger public welfare. Policy inconsistency and regulatory arbitrariness make long-term planning difficult, deepening Nigeria’s dependence on imports and weakening its industrial base.

 “Without corrective reforms, these trends will continue to erode national competitiveness, discourage innovation, and diminish Nigeria’s economic resilience,” he said.

The CPPE therefore mulls new investor and employer protection framework that will establish a fair, balanced, and predictable environment for business. Specifically, the Group noted that this new policy objective should protect investors and employers from arbitrary actions by regulators, labour unions, and government agencies; rebalance industrial relations to ensure fairness and due process for all parties; safeguard strategic sectors of the economy from disruptions that threaten national stability; promote regulatory and policy stability to reduce uncertainty and enhance competitiveness and ensure accountability and enforcement of laws by unions, regulators, and employers alike.

Specifically, it said the country should  enact a dedicated Investor and Employer Protection Act to provide a strong legal foundation for safeguarding investors’ rights. The Act should, it said, should codify the rights and obligations of investors, employers, regulators, and unions; prohibit unlawful actions such as intimidation, coercion, unauthorised shutdowns, and harassment; establish penalties, damages, and restitution mechanisms for violations.

 “The Industrial Arbitration Panel (IAP) should be strengthened for faster, impartial resolution of industrial disputes. An Independent Investment Ombudsman Office should also be created to handle investor complaints and mediate disputes involving government agencies,” the CPPE boss said.