The Centre for the Promotion of Private Enterprise (CPPE) has called on the Federal Government to pivot its economic reform agenda from macroeconomic stabilisation to productivity enhancement, job creation and improved living standards for Nigerians.
Dr. Muda Yusuf, Chief Executive Officer of CPPE, made the recommendation in the centre’s assessment of the government’s economic reform scorecard released by the Minister of Finance. He acknowledged that the reforms implemented so far have delivered measurable gains, including stronger government revenues, improved foreign exchange stability, higher external reserves and increased investor confidence.
The CPPE’s assessment aligns with a recent report by PricewaterhouseCoopers (PwC), which indicated that Nigeria’s economy has recorded macroeconomic stability, with moderating headline inflation, stronger external reserves, increased revenue mobilisation, higher capital inflows and resilient economic growth. Real Gross Domestic Product (GDP) growth also strengthened to 3.89 per cent in the first quarter of 2026, up from 3.13 per cent in the same period of 2025.
However, Yusuf stressed that macroeconomic stability is a means, not an end. He said the real test of the reforms lies in their ability to deliver higher productivity, stronger investment, more jobs, lower poverty and improved living standards.
According to him, purchasing power remains under pressure, while businesses continue to grapple with high energy, financing, logistics and regulatory costs. He said the next phase of reforms should therefore prioritise productivity, competitiveness and household welfare.
Yusuf also urged state governments to translate increased statutory allocations and internally generated revenues into visible development outcomes. He listed roads, healthcare, transportation, education, agricultural infrastructure, security, power and enterprise support as areas requiring greater investment.
“Higher revenues must produce a visible development and welfare dividend, rather than simply finance higher recurrent expenditure and prestige projects,” he said.
The CPPE chief executive identified electricity, logistics, insecurity, agricultural productivity, infrastructure, regulatory costs and high cost of capital as major structural constraints to economic growth. He pointed to the 15.3 per cent contraction in the electricity sector in the first quarter of 2026 as evidence of the urgency of addressing supply-side constraints.
He noted that manufacturing and agriculture grew by 3.29 per cent and 3.15 per cent respectively during the period, underscoring the need for targeted interventions to boost these sectors.
Yusuf called for trade policies that protect industries and agricultural producers with credible local capacity against unfair import competition. However, he said producers should retain competitive access to critical inputs that are not adequately available locally.
He also advocated stronger fiscal and monetary coordination to enable a gradual reduction in financing costs as inflation moderates.
Cautioning against reversing the economic reforms, Yusuf described such a move as potentially damaging to investor confidence and fiscal stability. He said policymakers should instead sustain the reform trajectory, while continuously refining its implementation based on evidence and its impact on businesses and households.
“Nigeria’s next reform phase must move from stabilisation to productivity; from higher government revenues to better development outcomes,” Yusuf said.
“Also, it must move from improving macroeconomic indicators to tangible gains in jobs, incomes and living standards,” he added.