By: Tijani Salako.
The Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government to shift its economic focus from stabilisation measures to a stronger productivity agenda capable of lowering the cost of production and improving the living standards of Nigerians.
This was disclosed in a statement released by the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), Dr. Muda Yusuf, in its Nigeria Independence Economic Assessment, noting that while recent reforms have strengthened the country’s macroeconomic position, the gains have yet to translate sufficiently into relief for households and businesses.
According to Yusuf, Nigeria’s economic transformation remains incomplete, as the country has diversified what it produces more than what it exports, while many farms continue to record low yields and manufacturers face high power and logistics costs.
He said the decisive challenge for the economy was to increase the amount of value generated per worker and ensure that productivity gains translated into higher real incomes.
The CPPE noted that Nigeria had recorded important economic transformations over the years, including the liberalisation of telecommunications, banking and payments reforms, as well as increased investments in cement, fertiliser and refining.
However, it said the country had also paid a high price for dependence on oil revenue, inconsistent policies and inadequate investment in infrastructure, which had repeatedly exposed the economy to external shocks.
The organisation said recent reforms, including petrol subsidy removal, exchange rate reforms and revenue measures, had addressed longstanding fiscal and foreign exchange distortions.
It noted that real Gross Domestic Product (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.
It added that headline inflation stood at 15.39 per cent in August 2026, while the Central Bank reset its policy rate to 23 per cent in September, with revenues, foreign reserves and exchange rate stability also improving.
However, the CPPE said the improvements in macroeconomic indicators had not yet translated sufficiently into relief for households and businesses, as prices remained significantly higher than previous levels.
According to the organisation, higher petrol prices, exchange rate adjustments and global food and energy shocks have reduced purchasing power, while businesses continue to face increased input, distribution and financing costs.
The CPPE therefore called for a determined productivity agenda focused on addressing structural constraints affecting farmers, manufacturers and small businesses.
It said farmers needed security, irrigation, storage and access roads to increase output, while manufacturers required reliable electricity, efficient ports and predictable regulations to remain competitive.
It added that small businesses needed access to affordable working capital and stronger consumer purchasing power to expand.
The organisation urged the government to prioritise power supply, security along farming and commercial corridors, ports and logistics, agricultural productivity, industrial competitiveness and enterprise-relevant skills.
It also called for public support to industries to be tied to investment, efficiency and export performance, with the objective of reducing the cost of producing in Nigeria and expanding the supply of affordable goods and services.
The CPPE stressed that all three tiers of government had roles to play in translating economic reforms into improved living standards and stronger business activity.
It said the Federal Government should sustain macroeconomic stability while addressing national security, power and transport priorities, while state governments should improve land administration, roads, investment approvals, education and healthcare.
Local governments, it added, should maintain community infrastructure, provide basic services and eliminate arbitrary levies that place additional burdens on small businesses.
The organisation said increased public resources must be accompanied by clearer spending priorities and accountability, stressing that government should deliver measurable outcomes such as lower transport and production costs, higher farm yields, more reliable public services and more productive jobs.
The CPPE said Nigeria, at 66, possessed the enterprise and resources required to achieve stronger economic growth, but must convert the gains from recent reforms into higher productivity and ensure that such productivity gains are reflected in the living standards of Nigerians.
