Nigeria reform group warns stability must become growth

The Centre for the Promotion of Private Enterprise has backed the government's economic reform programme but said the gains so far have limited meaning unless they translate into higher productivity and more jobs.

The CPPE, in a statement from its chief executive Muda Yusuf, said the reforms – petrol subsidy removal and foreign-exchange market changes since June 2023 – have delivered measurable improvements in revenue, external reserves, the trade balance and investor confidence. Nigeria's real GDP growth strengthened to 3.89% in the first quarter of 2026 from 3.13% a year earlier.

"Macroeconomic stability is a means, not an end," Yusuf said. "The real test is whether stability translates into higher productivity, stronger investment, more jobs, lower poverty and improved living standards."

The call comes five days after Finance Minister Taiwo Oyedele presented the government's reform scorecard in Abuja on Aug. 19. Oyedele acknowledged that the reforms had imposed high costs on Nigerians – petrol prices rose from about N185 per litre before subsidy removal to between N1,100 and N1,400, while the Monetary Policy Rate climbed from 18.5% in May 2023 to 26.5%. He said poverty and household welfare recovery remained areas where the government could not yet claim victory.

Yusuf said the government's disclosure of reform outcomes was important because transparency builds public confidence. "Such transparency is critical to reform credibility," he said, welcoming what he called the minister's balanced acknowledgement of both gains and adjustment costs.

The CPPE raised concerns about how the increased fiscal resources available to state governments are being used. The government said N15.8 trillion in subsidy savings accrued to the Federation between June 2023 and December 2025. Of that, N5.4 trillion went to the federal government while state and local governments shared N10.4 trillion.