CPPE backs Tinubu's reforms but warns gains must translate to jobs, productivity
The Centre for the Promotion of Private Enterprise (CPPE) has endorsed the Federal Government's economic reform programme, stating the measures have improved Nigeria's fiscal and macroeconomic position since June 2023. However, the group warned these gains would have limited meaning unless they translate into higher productivity, increased investment, more jobs and improved living standards for Nigerians.
CPPE CEO Muda Yusuf made the position known in a statement issued Sunday, five days after Finance Minister Taiwo Oyedele presented the government's reform scorecard on August 19 in Abuja. The scorecard assessed benefits, costs and harms prevented by reforms including petrol subsidy removal and foreign exchange market changes.
According to CPPE, the reforms have delivered improvements in government revenue, forex stability, external reserves, trade balance and investor confidence. Nigeria's real GDP growth strengthened to 3.89% in Q1 2026 from 3.13% in Q1 2025. But Yusuf stressed macroeconomic stability is a means, not an end, saying "The real test is whether stability translates into higher productivity, stronger investment, more jobs, lower poverty and improved living standards."
The CPPE urged the government to make productivity and competitiveness the focus of the next reform phase. It also raised concerns about state governments' use of increased fiscal resources from reforms, saying citizens should demand measurable outcomes in roads, healthcare, public transportation, education, agricultural infrastructure, security, power and enterprise support. Yusuf warned higher revenues must produce visible development and welfare dividends, not just finance recurrent expenditure.
Electricity, logistics, and financing remain major obstacles to business, with CPPE noting electricity sector contraction of 15.3% in Q1 2026 despite growth in manufacturing and agriculture. The group called for coordinated fiscal-monetary action to gradually reduce financing costs as inflation moderates, while warning that reversing the reforms would be "profoundly damaging to the economy."
Will you demand tangible improvements in your daily life - better roads, reliable power, affordable goods - as the government continues its reform journey, or are macroeconomic numbers enough for you to feel the benefits?