The Centre for the Promotion of Private Enterprise and the Lagos Chamber of Commerce and Industry have urged the Federal Government to focus on policies that will deliver tangible relief to households and businesses. They noted that recent economic reforms have produced encouraging improvements in key macroeconomic indicators, but the gains have yet to translate sufficiently into improved living standards, affordable production costs and job creation. The two business organisations emphasised that the next phase of economic reforms must prioritise productivity, competitiveness, domestic production and private-sector investment.
The CPPE and LCCI made these calls in separate statements issued to commemorate Nigeria's 66th Independence Anniversary. They argued that the success of the country's economic reforms should ultimately be measured by their impact on households, businesses and the wider economy. The Chief Executive Officer of CPPE, Dr Muda Yusuf, observed that Nigeria's economic transformation over the past six decades had been significant, with the economy moving from agriculture as its dominant source of livelihoods and exports to an increasingly diversified structure.
Yusuf noted that investments in cement, fertiliser and refining had demonstrated the country's capacity for production at scale. However, he said the transformation remained incomplete because Nigeria had diversified what it produces more than what it exports, while productivity across several sectors remained weak. Many farms still generate low yields, manufacturers contend with high energy and logistics costs, while a significant proportion of employment remains concentrated in activities with low returns.
Yusuf acknowledged the contribution of past economic reforms, particularly telecommunications liberalisation and banking and payments reforms, which expanded opportunities for private investment and financial services. He identified excessive dependence on oil revenue, inconsistent policies and inadequate infrastructure investment as longstanding weaknesses that had exposed the economy to external shocks, recessions, insecurity and global food and energy crises.
On the current economic reforms, Yusuf said the removal of petrol subsidy, exchange rate adjustments and revenue measures had addressed longstanding fiscal and foreign exchange distortions. Real Gross Domestic Product growth increased from 3.38 per cent in 2024 to 3.87 per cent in 2025, reaching 4.43 per cent year-on-year in the second quarter of 2026. Headline inflation stood at 15.39 per cent in August 2026.
The LCCI President, Engr. Leye Kupoluyi, said the ultimate test of economic recovery was whether macroeconomic stability could translate into stronger purchasing power, lower production costs and increased employment opportunities. He expressed concern that despite the moderation in inflation, essential goods and services remained beyond the reach of many households. Kupoluyi identified food, transportation, housing, healthcare, education and energy as major components of household expenditure.
Both organisations emphasised the need for a comprehensive industrial competitiveness programme anchored on reliable and affordable energy, affordable long-term finance, and predictable trade and regulatory environments. They called for complementary measures to enable businesses, particularly MSMEs and productive-sector enterprises, to access affordable credit. The LCCI president urged the National Credit Guarantee Company to expand support for small businesses seeking financing for working capital and investment.
Key points
- The CPPE and LCCI are calling for policies to deliver relief to households and businesses.
- Recent economic reforms have not yet translated into improved living standards and affordable production costs.
- A comprehensive industrial competitiveness programme is needed to drive economic growth and job creation.
