…Calls for reforms in power, security, logistics, agriculture, skills, industrial competitiveness
By Seun Ibiyemi
As Nigeria marks its 66th Independence anniversary, the Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government and other tiers of government to shift the focus of economic policy from macroeconomic stabilisation to productivity, job creation and improved living standards.
The CPPE, in a statement signed by its Chief Executive Officer, Dr Muda Yusuf, said Nigeria had undergone significant economic transformation since independence, moving from an agriculture-dominated economy to one with major activities in petroleum, telecommunications, banking, trade, construction, entertainment and digital services.
However, the organisation said the transformation remained incomplete because Nigeria had diversified what it produces more than what it exports.
According to the CPPE, the central economic challenge is now to increase the value produced by each worker and ensure that productivity gains translate into higher real incomes.
Acknowledged the impact of recent economic reforms, including petrol subsidy removal, exchange rate reforms and revenue measures, describing them as consequential measures that addressed longstanding fiscal and foreign exchange distortions.
CPPE noted that real GDP growth rose from 3.38 per cent in 2024 to 3.87 per cent in 2025 and reached 4.43 per cent year-on-year in the second quarter of 2026. The National Bureau of Statistics also reported Q2 2026 GDP growth of 4.43 per cent.
The Central Bank of Nigeria has similarly reported headline inflation at 15.39 per cent, while its Monetary Policy Committee reduced the Monetary Policy Rate to 23 per cent in September 2026.
CPPE said the improvements in macroeconomic indicators provided a stronger foundation for the economy but argued that they had yet to translate sufficiently into relief for households and businesses.
“Inflation has eased, but prices remain far above their earlier levels,” the organisation said, adding that higher transport, food, electricity and other essential costs continued to put pressure on household purchasing power.
The private-sector advocacy group urged the government to prioritise electricity supply, security along farming and commercial corridors, ports and logistics, agricultural yields, industrial competitiveness and enterprise-focused skills.
It said productivity would remain constrained if farmers lacked security, irrigation, storage and access roads, while manufacturers continued to face unreliable electricity, inefficient logistics and unpredictable regulation.
“A farmer needs security, irrigation, storage and access roads to increase output. A manufacturer needs reliable electricity, efficient ports and predictable regulation to compete. A small business needs affordable working capital and customers with spending power,” CPPE said.
The group called for public support to industries to be linked to investment, efficiency and export performance, with the broader objective of reducing the cost of producing goods and services in Nigeria.
The organisation also stressed the need for stronger coordination among the Federal, state and local governments.
It said the Federal Government should sustain macroeconomic stability while addressing national security, power and transport priorities.
State governments, it said, should improve land administration, roads, investment approvals, schools and healthcare, while local governments should maintain community infrastructure, deliver basic services and eliminate arbitrary levies that burden small businesses.
CPPE noted that infrastructure and governance responsibilities were interconnected, arguing that a federal highway alone could not unlock agricultural production if state and local roads left farms inaccessible.
The group also called for measurable outcomes from increased government revenues and public spending.
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According to CPPE, governments should be able to demonstrate improvements through lower transport and production costs, higher farm yields, more reliable public services, stronger education and healthcare outcomes, and increased availability of productive jobs.
“Citizens should be able to see where additional public resources went and what improved as a result,” it said.
CPPE said Nigeria had demonstrated its capacity to build competitive industries when policies were credible and markets remained open, citing telecommunications liberalisation and banking and payments reforms as examples.
It also pointed to investments in cement, fertiliser and refining as evidence of the potential for production at scale.
However, it warned that dependence on oil revenue, inconsistent policies and inadequate infrastructure had repeatedly exposed the economy to external shocks, including oil-price volatility, recessions, the COVID-19 pandemic and global food and energy disruptions.
At 66, the organisation said Nigeria’s priority should be to convert the gains from economic reforms into higher productivity and ensure that the resulting growth is reflected in the living standards of citizens.
