By Seun Ibiyemi
The Centre for the Promotion of Private Enterprise (CPPE) has commended the Federal Government’s presentation of its economic reform scorecard, saying the reforms have delivered measurable macroeconomic gains but must now translate into improved productivity, jobs, incomes and living standards.
In a statement signed by its Chief Executive Officer, Dr Muda Yusuf, CPPE said the reform scorecard provided greater clarity on the fiscal and macroeconomic outcomes of the government’s policies while acknowledging both the gains and adjustment costs associated with the reforms.
According to the private sector advocacy group, government revenues have strengthened, the foreign exchange market has become more stable, external reserves have improved, trade surplus has expanded and investor confidence has recovered.
It noted that Nigeria’s real Gross Domestic Product grew by 3.89 per cent in the first quarter of 2026, compared with 3.13 per cent recorded in the corresponding period of 2025.
However, CPPE stressed that macroeconomic stability should not be the final objective of reforms, arguing that the real measure of success lies in whether economic growth improves household welfare and business productivity.
The organisation said purchasing power remained under pressure, while businesses continued to face high energy, financing, logistics and regulatory costs, calling for the next phase of reforms to focus more strongly on competitiveness and welfare.
CPPE also called for greater accountability by state governments, noting that higher statutory allocations and stronger internally generated revenues had significantly expanded the fiscal space of subnational governments.
It said citizens should demand measurable development outcomes in critical sectors including roads, healthcare, public transportation, education, agricultural infrastructure, security, electricity and enterprise support rather than increased recurrent expenditure and prestige projects.
On structural reforms, the group identified electricity, insecurity, logistics, agricultural productivity, infrastructure, regulatory costs and the cost of capital as major constraints limiting Nigeria’s productive capacity.
CPPE pointed out that the electricity sector contracted by 15.3 per cent in the first quarter of 2026, while manufacturing grew by 3.29 per cent and agriculture expanded by 3.15 per cent, insisting that reducing structural costs was essential to accelerating economic growth.
The organisation further advocated calibrated trade policies to protect industries and agricultural producers with credible local capacity from unfair import competition while ensuring manufacturers retained access to critical production inputs not readily available domestically.
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It also urged stronger fiscal and monetary coordination to create room for a gradual reduction in interest rates as inflation moderates without undermining macroeconomic stability.
CPPE warned against reversing the ongoing economic reforms, saying such a move could weaken investor confidence, destabilise the foreign exchange market, undermine fiscal stability and reintroduce economic distortions.
Instead, it urged the government to sustain the reform trajectory while continuously refining implementation based on evidence and its impact on businesses and households.
The group said Nigeria’s reform agenda must now move decisively from stabilisation to productivity, from higher government revenues to better development outcomes, and from improved macroeconomic indicators to tangible gains in jobs, incomes and living standards.
