CPPE Urges Nigeria to Focus on Productivity Amid Economic Reforms

As Nigeria celebrates its 66th independence anniversary, the Centre for the Promotion of Private Enterprise (CPPE) has released a statement indicating that while recent economic reforms have bolstered macroeconomic fundamentals, they have not yet translated into tangible benefits for households and businesses. Dr. Muda Yusuf, CEO of CPPE, noted that Nigeria's economy has evolved from agriculture-based exports to a petroleum-driven public finance system, with significant growth in sectors such as telecommunications and banking.

Despite these advancements, the CPPE emphasized that the economic transformation is incomplete, citing issues like low agricultural yields and high operational costs for manufacturers. The statement acknowledged the government's recent reforms, including the removal of petrol subsidies and exchange rate adjustments, which have led to improved GDP growth rates and inflation figures.

However, the CPPE warned that inflation remains high, impacting purchasing power, and urged the government to prioritize a productivity agenda to enhance competitiveness and reduce production costs.