Nigeria @ 66: Centre Says Economic Reforms Must Translate To Shared Prosperity

As Nigeria marks its 66th independence anniversary, the Centre for the Promotion of Private Enterprise (CPPE) has said recent economic reforms have strengthened macroeconomic fundamentals but have not yet translated into relief for households and businesses.

In a statement titled ‘Nigeria at 66: From Economic Stabilisation to Shared Prosperity’, the chief executive officer, CPPE, Dr. Muda Yusuf said the Nigerian economy has undergone profound changes since independence, moving from agriculture-dominated exports to petroleum-led public finance, with subsequent expansion in telecommunications, banking, trade, construction, entertainment and digital services.

Large investments in cement, fertilizer and refining, the Centre noted, have demonstrated Nigeria’s potential for production at scale.

However, it said the country’s economic transformation remains incomplete.

“Nigeria has diversified what it produces more than what it exports. Many farms generate low yields, manufacturers operate with costly power and logistics, and too much employment is concentrated in activities with low returns,” Yusuf said.

CPPE CEO acknowledged that Nigeria’s history contains important examples of successful reform, citing telecommunications liberalisation which transformed access and opened major fields for private investment, as well as banking and payments reforms that widened financial inclusion.

He added that the country has also paid a high price for dependence on oil revenue, inconsistent policies and underinvestment in infrastructure, with oil price swings repeatedly disrupting budgets and foreign exchange supply.

According to Yusuf, the present administration’s petrol subsidy removal, exchange rate reforms and revenue measures addressed longstanding fiscal and foreign exchange distortions.

CPPE said, “early macroeconomic results warrant recognition, with real GDP growth rising from 3.38 per cent in 2024 to 3.87 per cent in 2025 and reaching 4.43 per cent year-on-year in the second quarter of 2026. It added that headline inflation stood at 15.39 per cent in August 2026, while the Central Bank reset its policy rate to 23 per cent in September, with improvements also recorded in revenues, reserves and exchange rate stability.

“These gains provide a stronger foundation, but they are yet to translate sufficiently into relief for households and firms.”

CPPE noted that although inflation has eased, prices remain far above earlier levels, with the combined effects of petrol price increases, exchange rate adjustment and global shocks reducing purchasing power.

It said transport, food, electricity and other essentials now take a larger share of household income, while businesses face higher input, distribution and financing costs.

Yusuf urged government to prioritise a productivity agenda that lowers the cost of producing in Nigeria, focusing on power supply, security in farming and commercial corridors, ports and logistics, agricultural yields, industrial competitiveness and enterprise-relevant skills, with public support for industry tied to investment, efficiency and export performance.