The Centre for the Promotion of Private Enterprise (CPPE) has called on the Nigerian government to move beyond economic stabilisation and focus more on improving productivity, saying this is necessary to raise living standards and real incomes.
Muda Yusuf, chief executive officer of CPPE, made the call in a statement issued on Tuesday ahead of Nigeria’s 66th independence anniversary. Yusuf said recent economic reforms, including the removal of petrol subsidy, exchange rate reforms and changes to government revenue measures, had helped address some long standing fiscal and foreign exchange challenges.
According to him, Nigeria’s real gross domestic product growth increased from 3.38 percent in 2024 to 3.87 percent in 2025 and reached 4.43 percent year on year in the second quarter of 2026. He also noted that headline inflation fell to 15.39 percent in August 2026, while the Central Bank of Nigeria reduced its monetary policy rate to 23 percent in September.
“Revenues, reserves and exchange rate stability have also improved markedly,” he said.
However, Yusuf said the improvements in major economic indicators had not yet provided enough relief for households and businesses.
“These gains provide a stronger foundation, but they are yet to translate sufficiently into relief for households and firms.”
He said although inflation had declined, the prices of goods and services remained significantly higher than they were previously. Higher petrol prices, exchange rate adjustments and global food and energy shocks have also affected consumers’ purchasing power. Yusuf said households now spend a greater portion of their income on essential expenses such as food, transportation and electricity. Businesses are also dealing with rising production, distribution and financing costs.
He argued that the government should now shift its attention towards a stronger productivity agenda that tackles the problems affecting farmers, manufacturers and small businesses.
“A farmer needs security, irrigation, storage, and access roads to increase output,” he said. “A manufacturer needs reliable electricity, efficient ports and predictable regulation to compete. A small business needs affordable working capital and customers with spending power.”
Yusuf said failure to address these challenges would limit the ability of economic growth to create more jobs and improve real incomes, even if headline economic indicators continue to improve. He urged the government to prioritise electricity supply, security along farming and commercial routes, efficient ports and logistics, higher agricultural output, industrial competitiveness and skills that meet the needs of businesses.
The CPPE chief also called for government support to industries to be linked to investment, efficiency and export performance.
“The objective is to lower the cost of producing in Nigeria and expand the supply of goods and services that citizens can afford,” Yusuf said.
He further urged all three tiers of government to deliver measurable improvements in areas that directly affect citizens and businesses. According to him, the federal government should maintain economic stability while improving security, electricity and transportation. State governments should focus on roads, land administration, schools, healthcare and investment approvals, while local governments should provide basic services and maintain community infrastructure.
“Citizens should be able to see where additional public resources went and what improved as a result,” Yusuf said.
He said Nigeria has the resources and entrepreneurial capacity to achieve stronger growth, but the gains from economic reforms must translate into higher productivity and improved living standards.
