The Centre for the Promotion of Private Enterprise (CPPE) has cautioned the Nigerian government against reversing ongoing economic reforms, stressing that the country must now focus on transforming macroeconomic stability into tangible job creation. The warning comes amid growing debate over the policy direction of the current administration.
CPPE Advises Against Policy Reversal
In a statement issued on Sunday, the CPPE’s Chief Executive Officer, Dr. Muda Yusuf, emphasized that reversing the reforms would be counterproductive and could undermine the progress already achieved. He noted that the reforms, though painful in the short term, are essential for the long-term health of the economy.
“Nigeria must not reverse the reforms,” Yusuf said. “The focus should now shift to how we can turn the stability we are beginning to see into jobs for our teeming youth and opportunities for businesses.”
The CPPE’s position aligns with the views of many economists who argue that consistency in policy implementation is key to attracting both domestic and foreign investment. The organisation believes that any reversal would send negative signals to investors and could derail the recovery process.
Turning Stability into Employment
The CPPE stressed that the current macroeconomic environment, characterized by improved foreign exchange liquidity and moderating inflation, provides a solid foundation for job creation. However, it warned that without deliberate policy interventions, the benefits of stability may not translate into employment opportunities.
Yusuf called on the government to prioritise labour-intensive sectors such as agriculture, manufacturing, and construction. He also recommended reducing the cost of doing business, improving access to credit for small and medium enterprises, and addressing infrastructure deficits that hinder private sector growth.
The organisation further urged the government to expedite the implementation of the 2025 budget, noting that timely capital releases would stimulate economic activity and create jobs. It also emphasised the need for stronger collaboration between the public and private sectors to drive inclusive growth.
Impact of Reforms on the Economy
Since the removal of fuel subsidies and the liberalisation of the foreign exchange market, Nigeria has seen a series of economic adjustments. While these measures have been praised by international financial institutions, they have also led to increased cost of living for many citizens.
The CPPE acknowledged these challenges but maintained that the reforms are necessary to correct long-standing fiscal and monetary imbalances. It argued that the government’s commitment to these policies is crucial for restoring investor confidence and ensuring sustainable development.
“We understand the pains, but we cannot afford to go back to the old ways,” Yusuf added. “The government must now double down on policies that will make the benefits of stability visible in the lives of ordinary Nigerians.”
Recommendations for Policy Makers
The CPPE offered several recommendations to ensure that stability translates into jobs. These include the establishment of a special fund for youth entrepreneurship, the expansion of skills acquisition programmes, and the promotion of export-oriented industries to boost foreign exchange earnings.
The organisation also called for the removal of bottlenecks in the procurement and approval processes for new projects, as well as the strengthening of the legal framework to protect investments. It emphasised that a stable and predictable policy environment is essential for businesses to plan and expand.
In conclusion, the CPPE’s message is clear: Nigeria must stay the course on reforms and actively work to convert the current stability into widespread employment. The next steps involve concrete actions by the government to support private enterprise and create an enabling environment for job creation.
