The Centre for the Promotion of Private Enterprise has urged the Federal Government to shift its focus from economic stabilisation to productivity. This call was made by the Chief Executive Officer of the centre, Dr Muda Yusuf, in a statement marking Nigeria's 66th Independence anniversary. Yusuf noted that while economic indicators have shown improvement, households and businesses have yet to feel significant relief. He cited the need for a new phase of economic policy that addresses structural constraints.
According to Dr Yusuf, early gains from petrol subsidy removal, exchange-rate reforms, and revenue measures have been observed. Real GDP growth increased 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. Additionally, headline inflation declined to 15.39 per cent in August 2026, and there was improvement in government revenues, foreign reserves, and exchange-rate stability. These signs indicate progress in economic stabilisation.
Despite these improvements, Dr Yusuf noted that households and businesses continue to face challenges. Higher petrol prices, exchange-rate adjustments, and global food and energy shocks have increased the cost of living. As a result, transport, food, and electricity now take a larger share of household income. Businesses also face higher input, distribution, and financing costs, which hinder their operations.
To address these challenges, Dr Yusuf identified key areas that require attention. These include security, irrigation, storage, and access roads for farmers, as well as reliable electricity, efficient ports, and predictable regulations for manufacturers. Small businesses need affordable working capital, and consumers require sufficient purchasing power to sustain demand. The CPPE emphasised the need for the government to prioritise these areas.
The CPPE also called for public support for industry to be tied to investment, efficiency, and export performance. This, they argue, will reduce the cost of production and enhance industrial competitiveness. Furthermore, Dr Yusuf highlighted the need for Nigeria to generate greater value per worker and deliver sustained increases in real incomes. This is crucial for the country's economic growth and development.
On fiscal governance, Dr Yusuf urged the Federal, State, and Local Governments to improve service delivery. He emphasised that higher public revenues should translate into measurable improvements in infrastructure, education, healthcare, and security. Poor coordination among the three tiers of government could undermine national reforms, particularly in areas such as rural roads and access to markets.
Finally, Dr Yusuf stressed the importance of transparency in the deployment of public resources. Citizens should be able to see how additional revenues are spent and the improvements achieved. This, he believes, will ensure that increased public revenue has a meaningful impact on the lives of Nigerians. The CPPE's call for a shift from economic stabilisation to productivity highlights the need for a more sustainable and inclusive economic growth strategy.
Key points
- CPPE urges government to focus on productivity
- Economic stabilisation has not translated to relief for households and businesses
- Improved service delivery and transparency are crucial for sustainable growth
