The Centre for the Promotion of Private Enterprise (CPPE) has called on the Nigerian government to move beyond economic stabilisation and focus on productivity, job creation and higher real incomes as the country marks 66 years of independence.
The private-sector advocacy group said recent reforms, including petrol subsidy removal, exchange-rate adjustments and revenue measures, had helped address longstanding fiscal and foreign-exchange distortions.
However, it said the gains had yet to translate sufficiently into improved living standards for households and lower operating costs for businesses.
In a statement issued on Tuesday, September 29, 2026, and signed by its Chief Executive Officer, Dr Muda Yusuf, the CPPE said Nigeria’s economic transformation remained incomplete despite the expansion of sectors such as telecommunications, banking, construction, entertainment and digital services.
The group said Nigeria had diversified its production base more than its exports, while many farmers still operated with low yields and manufacturers faced high electricity, logistics and financing costs.
“After six decades of growth, the decisive question is whether the economy can produce more value per worker and deliver rising real incomes,” CPPE said.
The CPPE acknowledged improvements in key macroeconomic indicators, noting that 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.
It also pointed to the decline in headline inflation to 15.39 per cent in August 2026 and the Central Bank of Nigeria’s decision to reset its policy rate to 23 per cent in September.
According to the organisation, government revenues, foreign reserves and exchange-rate stability have also improved.
It, however, warned that macroeconomic stabilisation alone would not be sufficient to address the pressures facing households and businesses.
“Inflation has eased, but prices remain far above their earlier levels,” the group said, adding that higher petrol prices, exchange-rate adjustments and global food and energy shocks had weakened purchasing power.
It said transport, food, electricity and other essentials now consume a larger share of household incomes, while businesses face higher input, distribution and financing costs.
The CPPE urged the government to make productivity the next priority of economic policy.
It called for greater investment in electricity, security, agricultural productivity, ports, logistics, industrial competitiveness and skills development.
The group said farmers needed security, irrigation, storage facilities and accessible roads to increase output, while manufacturers required reliable electricity, efficient ports and predictable regulations to compete.
Small businesses, it added, needed affordable working capital and stronger consumer purchasing power.
“Without progress on these structural constraints, growth will remain too weak in jobs and real incomes, regardless of improvements in headline indicators,” CPPE said.
The organisation also recommended that government support for industries should be linked to investment, efficiency and export performance.
According to CPPE, the broader objective should be to reduce the cost of producing goods and services in Nigeria while expanding the supply of affordable products.
The group said the responsibility for converting economic reforms into improved living standards should not rest solely with the Federal Government.
It urged the Federal Government to sustain macroeconomic stability while prioritising national security, electricity and transport infrastructure.
State governments, it said, should improve land administration, roads, investment approvals, education and healthcare.
Local governments were also urged to maintain community infrastructure, provide basic services and eliminate arbitrary levies imposed on small businesses.
CPPE said coordination among the three tiers of government was critical to achieving meaningful economic outcomes.
“A federal highway cannot unlock agricultural production if state and local roads leave farms inaccessible,” it said.
The organisation added that increased public revenue would have limited impact if healthcare facilities remained understaffed, schools lacked teachers and businesses continued to provide basic utilities such as electricity and water.
CPPE said governments should therefore be assessed against measurable outcomes, including lower transport and production costs, higher agricultural yields, improved public services, better learning and health outcomes, and more productive jobs.
“At 66, Nigeria has the enterprise and resources to achieve far more,” the group said.
“The priority is to convert the gains from reform into higher productivity and to ensure that higher productivity is felt in the living standards of Nigerians.”