The Centre for the Promotion of Private Enterprise (CPPE) has commended the Minister of Finance for presenting the economic reform scorecard, saying the data provided greater clarity on the fiscal and macroeconomic outcomes of the Federal Government’s reforms.
The organisation said the transparency demonstrated by the minister was critical to strengthening public confidence in the reform process, particularly as it acknowledged both the gains recorded and the adjustment costs borne by businesses and households.
In a statement issued on Sunday by its Chief Executive Officer, Dr Muda Yusuf, CPPE said the reforms had produced measurable macroeconomic gains, including stronger government revenues, improved foreign exchange market stability, higher external reserves, an expanded trade surplus and renewed investor confidence.
It also noted that real Gross Domestic Product (GDP) growth rose to 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent in the corresponding period of 2025.
CPPE, however, stressed that macroeconomic stability should serve as a foundation for broader economic prosperity rather than an end in itself.
According to the organisation, the critical test of the reforms is whether improved macroeconomic indicators would translate into higher productivity, stronger investment, more jobs, reduced poverty and improved living standards.
It observed that the transmission of the gains remained incomplete, with household purchasing power still under pressure while businesses continued to face high energy, financing, logistics and regulatory costs.
CPPE therefore called for the next phase of the reform programme to place greater emphasis on productivity, competitiveness and household welfare.
States Must Translate Higher Revenues into Development
The private-sector advocacy group also called for greater accountability at the subnational level, noting that the reforms had significantly expanded the fiscal space available to state governments through increased statutory allocations and, in many cases, improved internally generated revenues.
It urged citizens to demand measurable development outcomes from the increased revenues, particularly in roads, healthcare, public transportation, education, agricultural infrastructure, security, electricity and enterprise support.
“Higher revenues must produce a visible development and welfare dividend, rather than simply finance higher recurrent expenditure and prestige projects,” CPPE said.
Electricity, Logistics, Financing Remain Major Constraints
The organisation identified electricity, logistics, insecurity, agricultural productivity, infrastructure, regulatory costs and the cost of capital as major structural constraints that must be addressed to accelerate economic growth.
It expressed concern over the 15.3 per cent contraction recorded in the electricity sector in the first quarter of 2026, despite manufacturing and agriculture growing by 3.29 per cent and 3.15 per cent respectively.
CPPE said reducing structural costs was essential to strengthening productive-sector growth and improving the competitiveness of Nigerian businesses.
On trade policy, it advocated calibrated protection for industries and agricultural producers with credible local production capacity against unfair import competition, while ensuring that producers retained competitive access to critical inputs that were not adequately available locally.
The organisation also expressed concern over the prevailing high-interest-rate environment, urging stronger fiscal and monetary coordination as inflation moderates to create room for a gradual reduction in financing costs without compromising macroeconomic stability.
CPPE Rejects Reversal of Reforms
CPPE warned against any attempt to reverse the ongoing reforms, describing such a move as potentially damaging to the economy.
According to the organisation, reversing the reforms could undermine investor confidence, weaken fiscal stability, destabilise the foreign exchange market and reintroduce distortions that the reforms were designed to address.
It said such a reversal could trigger significant economic dislocations and erode the gains already achieved.
“Reform trajectory should therefore be sustained, while implementation is continuously refined in response to emerging realities,” CPPE said.
The organisation stressed that reform instruments should be continuously recalibrated based on evidence, implementation experience and their impact on businesses and households.
It said the next phase of Nigeria’s economic reform must move decisively “from stabilisation to productivity; from higher government revenues to better development outcomes; and from improving macroeconomic indicators to tangible gains in jobs, incomes and living standards.”
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