Following the Minister of Finance and Coordinating Minister of the economy, Taiwo Oyedele’s presentation of Nigeria’s economic reform scorecard, the Centre for the Promotion of Private Enterprise (CPPE) has voiced out that macroeconomic stability is a means, not an end, saying the reform brought about real test in the living standard of Nigerians and the economy in general.

He however stressed that government’s next phase of reform must focus much more strongly on productivity, competitiveness and household welfare.

The Chief Executive Officer, CPPE, Dr. Muda Yusuf made this known in a press release on Sunday that Oyedele’s data provided brought greater clarity to the fiscal and macroeconomic outcomes of the reforms and addressed important concerns in the public discourse.
Indeed, he commended the Minister of Finance for the presentation of the economic reform scorecard to Nigerians.

He explained that such transparency is critical to reform credibility.

CPPE particularly welcomes the Minister’s balanced acknowledgement of both the gains and the adjustment costs of the reforms.

“The reforms have delivered measurable macroeconomic gains. Government revenues have strengthened, the foreign-exchange market has become more stable, external reserves have improved, the trade surplus has expanded and investor confidence has recovered.

“Real GDP growth strengthened to 3.89 per cent in Q1 2026, from 3.13 per cent in Q1 2025.”
Yusuf added, “These are important foundations for investment and growth. But macroeconomic stability is a means, not an end. The real test is whether stability translates into higher productivity, stronger investment, more jobs, lower poverty and improved living standards.

That transmission remains incomplete. “Purchasing power remains under pressure, while businesses continue to contend with high energy, financing, logistics and regulatory costs.

“The next phase of reform must therefore focus much more strongly on productivity, competitiveness and household welfare.”

While speaking on greater accountability at the subnational level, the CPPE CEO explained that “the reforms have significantly expanded the fiscal space of state governments through higher statutory allocations and, in many cases, stronger internally generated revenues.

“This should translate into a much larger development role for the states. “Citizens should demand measurable outcomes in roads, healthcare, public transportation, education, agricultural infrastructure, security, power and enterprise support.

“Higher revenues must produce a visible development and welfare dividend, rather than simply finance higher recurrent expenditure and prestige projects.”

He pointed out that the supply side should be next reform frontier, noting, “Nigeria’s major constraints are increasingly structural: electricity, logistics, insecurity, agricultural productivity, infrastructure, regulatory costs and the cost of capital.

“The electricity sector contracted by 15.3 per cent in Q1 2026, while manufacturing grew by 3.29 per cent and agriculture by 3.15 per cent.
For him, accelerating productive-sector growth requires a decisive reduction in these structural costs.

He added: “trade policy should also support domestic productive capacity. Industries and agricultural producers with credible local capacity deserve calibrated protection against unfair import competition, while producers should retain competitive access to critical inputs not adequately available locally.

“The prevailing high-interest-rate environment is equally challenging. As inflation moderates, stronger fiscal-monetary coordination should create room for a gradual easing of financing costs without jeopardising macroeconomic stability.”

Talking about sustaining the reforms, refining the strategy, Dr Yusuf pointed out that “CPPE believes that reversing the reforms would be profoundly damaging to the economy. It would undermine investor confidence, weaken fiscal stability, destabilise the foreign-exchange market and reintroduce distortions that the reforms were designed to correct.

“Such a reversal could trigger significant economic dislocations and erode the gains already achieved. *The reform trajectory should therefore be sustained, while implementation is continuously refined in response to emerging realities.

“Reform instruments should be continuously recalibrated in response to evidence, implementation experience and their impact on businesses and households.

“The next phase must move decisively from stabilisation to productivity; from higher government revenues to better development outcomes; and from improving macroeconomic indicators to tangible gains in jobs, incomes and living standards.”

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