On the occasion of Nigeria's 66th independence anniversary, the Centre for the Promotion of Private Enterprise (CPPE) has called for a transformative shift in economic policy from macroeconomic stabilization to productivity-led growth. The organization's CEO, Dr. Muda Yusuf, emphasized the need for policies that foster shared prosperity.
Despite progress in diversifying Nigeria's economy, CPPE noted that the country produces more than it exports. The focus now should be on increasing the value generated per worker and reducing production costs to enhance real incomes. Key sectors like agriculture, telecommunications, and banking have expanded, but structural constraints continue to hinder productivity.
CPPE highlighted that credible reforms and open markets have historically attracted private-sector investment, yet challenges such as oil dependence and inadequate infrastructure remain. The organization acknowledged recent fiscal reforms but stressed that these gains have not yet significantly improved household welfare or reduced business operating costs.
The CPPE argues that the current moderation in inflation should not distract from the high prices affecting purchasing power. It calls for a determined productivity agenda, emphasizing the need for security, reliable electricity, and efficient logistics to support farmers and manufacturers alike.
Lastly, the CPPE urged coordinated efforts among federal, state, and local governments to implement effective economic reforms. It warned that without addressing basic infrastructure and services, improvements in public revenue would have limited impact on the economy and citizens' quality of life.