The Centre for the Promotion of Private Enterprise (CPPE) has reflected on Nigeria’s economic trajectory as the country celebrates its 65th anniversary of independence.
According to Dr. Muda Yusuf, Director/CEO of CPPE, Nigeria’s economic history is marked by cycles of boom and bust, with the nation experiencing eight recessions since independence.
CPPE notes that at independence, Nigeria’s economy was largely agrarian, productive, and inclusive, with agriculture contributing 60% of GDP and employing most of the workforce.
Governance was decentralized, promoting balanced development, accountability, and healthy competition. This early experience offers a valuable lesson, according to CPPE: decentralization and local ownership of resources drive innovation and inclusive growth.
The discovery of crude oil in the late 1960s radically altered Nigeria’s economic trajectory, making oil the dominant source of public revenue and foreign exchange.
However, this led to structural vulnerabilities, including neglect of agriculture, food import dependence, corruption, and rent-seeking behavior, CPPE observes.
Dr. Yusuf emphasizes that Nigeria has achieved notable successes in ICT and telecommunications, financial services, Nollywood, and Afrobeats, demonstrating the country’s potential for non-oil-led growth. CPPE attributes these successes to the private sector’s resilience and innovation.
To sustain reform momentum, CPPE recommends that the government complement its measures with targeted social protection programs, including cash transfers, food security interventions, and job-creation initiatives.
Dr. Yusuf stresses that these programs will help shield vulnerable households from economic shocks and promote employment and entrepreneurship.
Looking ahead, CPPE believes that Nigeria must focus on deepening economic diversification, strengthening governance and institutions, investing in human capital, accelerating infrastructure development, and ensuring inclusive growth.
By prioritizing these areas, Nigeria can reset its economy on a path of stability, competitiveness, and shared prosperity, according to Dr. Yusuf.
In its commentary, CPPE underscores the importance of consistent policies, institutional strengthening, and a deliberate effort to ensure that economic growth translates into improved living standards for citizens.
As Nigeria marks 65 years of independence, CPPE’s analysis offers valuable insights into the country’s economic journey and provides a roadmap for future growth and development.
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