Nigeria @65: Utilize FX, subsidy reforms to drive stability, inclusive growth - CPPE

By Seun Ibiyemi

The Centre for the Promotion of Private Enterprise (CPPE) has strongly advised the Federal Government to swiftly capitalize on recent major economic policy shifts, specifically the unification of the exchange rate and the removal of the fuel subsidy, to chart a definite path toward economic diversification, stability, and inclusive growth.

Sixty five years after independence, Nigeria is still shackled by oil dependence, weak non oil exports, and chronic macroeconomic instability, the Centre for the Promotion of Private Enterprise (CPPE) warned, urging bold reforms to reset the economy and unlock the country’s vast growth potential.In a special report titled

“The Nigerian Economy at 65,” CPPE Chief Executive Officer, Dr. Muda Yusuf, traced the country’s journey from an agrarian led system in 1960 to today’s oil dominated structure, noting that Nigeria has suffered eight recessions since independence mostly triggered by oil price shocks and fiscal mismanagement.

He stressed that inadequate infrastructure, high debt service ratios, and persistent currency depreciation continue to weigh down economic performance, even as pockets of resilience emerge in ICT, fintech, Nollywood, Afrobeats, and telecommunications.

Yusuf urged the government to seize opportunities from recent reforms such as exchange rate unification and fuel subsidy removal to chart a path toward economic diversification, stability, and inclusive growth.

He identified key priorities including deepening non oil diversification, strengthening governance, investing in human capital, accelerating infrastructure development, and embedding poverty reduction in policy design.

“Consistent policies and institutional strengthening are vital if we are to ensure that growth translates into improved living standards for citizens,” Yusuf emphasized.