The Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal, state and local governments to shift focus from economic stabilisation to productivity, arguing that improved macroeconomic indicators must translate into higher incomes, stronger businesses and better living standards for Nigerians.
The CPPE, in a statement by its Chief Executive Officer, Dr Muda Yusuf, to mark Nigeria’s 66th Independence anniversary, said the country had made significant economic progress over the decades, with the expansion of telecommunications, banking, trade, construction, entertainment and digital services, alongside major investments in cement, fertiliser and refining.
However, the organisation said Nigeria’s economic transformation remained incomplete because the country had diversified its production base more than its exports.
It noted that low agricultural yields, high energy and logistics costs, infrastructure deficits and low-productivity employment continued to constrain economic growth and living standards.
According to the CPPE, Nigeria’s experience with telecommunications liberalisation and banking and payments reforms demonstrated that credible policies and open markets could unlock private-sector investment and entrepreneurship.
It, however, said the country had also paid a high price for dependence on oil revenues, inconsistent policies and inadequate infrastructure, with oil price shocks, recessions, the COVID-19 pandemic, insecurity and global food and energy crises repeatedly exposing structural weaknesses.
The organisation said recent reforms, including petrol subsidy removal, exchange-rate reforms and revenue measures, had addressed some longstanding fiscal and foreign-exchange distortions.
It cited real GDP growth rising from 3.38 per cent in 2024 to 3.87 per cent in 2025 and 4.43 per cent year-on-year in the second quarter of 2026.
The CPPE also noted that headline inflation stood at 15.39 per cent in August 2026, while the Central Bank of Nigeria reduced its monetary policy rate to 23 per cent in September.
It said improvements in revenue, foreign reserves and exchange-rate stability had provided a stronger foundation for the economy, but cautioned that the gains had yet to translate sufficiently into relief for households and businesses.
“Stabilisation must now give way to a determined productivity agenda,” the CPPE said.
It called for greater attention to electricity supply, security along farming and commercial corridors, ports and logistics, agricultural productivity, industrial competitiveness and enterprise-focused skills.
According to the centre, farmers require security, irrigation, storage facilities and access roads to increase output, while manufacturers need reliable electricity, efficient ports and predictable regulation to compete.
It also urged the government to make public support for industry conditional on investment, efficiency and export performance, with the ultimate goal of reducing the cost of production and expanding the supply of affordable goods and services.
All tiers of government have roles
The CPPE stressed that economic reforms would only have meaningful impact if all tiers of government delivered effectively in areas within their respective responsibilities.
It said the Federal Government should sustain macroeconomic stability while prioritising national security, electricity and transport infrastructure.
State governments, it added, should improve land administration, roads, investment approvals, education and healthcare, while local governments should maintain community infrastructure, provide basic services and eliminate arbitrary levies that burden small businesses.
The organisation said greater public revenue must be matched by clear spending priorities and accountability.
It called for measurable outcomes, including lower transport and production costs, higher agricultural yields, more reliable public services, improved education and healthcare outcomes, and the creation of more productive jobs.
“At 66, Nigeria has the enterprise and resources to achieve far more,” the CPPE said, stressing that the priority should now be to convert economic reforms into higher productivity and ensure that the benefits are reflected in the living standards of Nigerians.
Comment here