Turn economic stability to jobs, CPPE tells Tinubu

The Centre for the Promotion of Private Enterprises (CPPE) has said the next major challenge facing President Bola Tinubu’s administration is converting recent macroeconomic gains into tangible improvements in the lives of ordinary Nigerians through job creation, poverty reduction and stronger public trust. In a review of the administration’s first three years in office, CPPE […]

The Centre for the Promotion of Private Enterprises (CPPE) has said the next major challenge facing President Bola Tinubu’s administration is converting recent macroeconomic gains into tangible improvements in the lives of ordinary Nigerians through job creation, poverty reduction and stronger public trust.

In a review of the administration’s first three years in office, CPPE Chief Executive Officer, Dr. Muda Yusuf, acknowledged that the government inherited a deeply troubled economy and took difficult but necessary decisions to stabilize it.

However, he stressed that economic success would ultimately be judged by its impact on citizens’ welfare.

“The challenge before the administration is no longer merely one of economic stabilization; it is the imperative of converting reform gains into jobs, higher incomes, lower poverty and a better quality of life for Nigerians,” Yusuf said.

The CPPE noted that the removal of fuel subsidies and the unification of exchange rates helped address long-standing distortions in the economy, improve fiscal transparency and restore confidence in the foreign exchange market.

He said the reforms, however, also triggered significant inflationary pressures and a cost-of-living crisis that continues to affect households.

According to Yusuf, while there is evidence that the reforms have produced important stabilization outcomes, many Nigerians have yet to feel the benefits.

“The most significant concern is that macroeconomic stabilization has yet to translate into broad-based welfare gains. Inflation remains elevated, purchasing power remains weak and consumer confidence continues to be fragile,” he said.

The CPPE pointed to improvements in external reserves, sustained trade surpluses, reduced exchange rate volatility, stronger investor confidence and significant gains in the stock market as signs that the economy has moved away from the brink of crisis.

Yusuf argued that the next phase of reforms must focus squarely on inclusive growth.

“However, stabilization is only the beginning,” he said, adding, “The next phase of reforms must focus on translating macroeconomic stability into inclusive growth through accelerated investment, improved productivity, stronger energy security, security of life and property, enhanced food security, industrial competitiveness and poverty reduction.”

He identified insecurity as a major obstacle to achieving those objectives, warning that continued attacks on farming communities threaten food production, rural livelihoods and investment.

“No economy can achieve food security when farmers face persistent threats to their lives and livelihoods,” Yusuf said.

The CPPE also highlighted persistent structural constraints, including high energy costs, poor infrastructure, logistics challenges and elevated interest rates, which continue to limit industrial competitiveness and job creation.

Beyond economic indicators, Yusuf emphasized that the sustainability of reforms depends heavily on public confidence in government.

“As citizens continue to make significant sacrifices in support of economic reforms, expectations for fiscal prudence, transparency and accountability in the management of public resources have risen correspondingly,” he said.

He added that citizens are more likely to support difficult reforms when they believe public resources are being managed responsibly.

“The social contract underpinning reform is strengthened when the government demonstrates restraint, efficiency and a commitment to ensuring that every naira of public expenditure delivers tangible value to citizens.”

Yusuf further argued that reform success requires shared sacrifice across society, including among political leaders.

“The long-term sustainability of economic reforms rests on the principle of shared sacrifice,” he said.

“Public confidence is strengthened when citizens perceive that the costs of adjustment are borne not only by households and businesses, but also by the political and governing elite,” he added.

According to him, trust remains the critical ingredient for sustaining difficult policy choices.

“In the final analysis, public trust is the currency that sustains difficult reforms, and that trust is built on fairness, accountability and shared responsibility,” Yusuf said.

While acknowledging that the administration’s first three years were largely devoted to rescuing the economy and restoring stability, he maintained that future assessments would depend less on macroeconomic indicators and more on improvements in living conditions.

“Ultimately, the success of the reform agenda will not be measured solely by reserve accumulation, exchange rate stability or stock market performance. It will be judged by its impact on jobs, incomes, living standards and the quality of life of ordinary Nigerians.”