Reform Gains Yet to Translate To Jobs, Lower Poverty – Expert

The Centre for the Promotion of Private Enterprise (CPPE) has said Nigeria’s economic reforms have delivered measurable macroeconomic gains, but these have not yet translated into more jobs, lower poverty or improved living standards.

CPPE noted that while revenue, foreign exchange stability and GDP growth have improved, households and businesses are still grappling with high costs and weak purchasing power.

On August 19, 2026, minister of finance and coordinating minister of the Economy, Prof. Taiwo Oyedele, released an 11-point economic reform scorecard in Abuja. The report evaluates the administration’s performance from May 2023 to December 2025, detailing incremental resources, rising costs of living, and policy impacts.

In a statement released on August 23, 2026, the director-general of CPPE, Dr Muda Yusuf commended the Minister of Finance for presenting an economic reform scorecard, describing the transparency as critical to reform credibility.

According to Yusuf, the reforms have delivered results such as expanded government revenue, a more stable FX market, improved external reserves, a wider trade surplus and recovered investor confidence. Real GDP growth rose to 3.89 per cent in first quarter (Q1) 2026 from 3.13 per cent in Q1 2025.

He noted that macroeconomic stability is a means, not an end, saying that “the real test is whether stability translates into higher productivity, stronger investment, more jobs, lower poverty and improved living standards. That transmission remains incomplete.”

Yusuf pointed out that businesses continue to face high costs of energy, financing, logistics and regulation.

He added that the next phase of reforms must focus more strongly on productivity, competitiveness and household welfare.

He warned against reversing the reforms, saying this would undermine investor confidence, weaken fiscal stability, destabilise the FX market and reintroduce distortions.

He urged government to sustain the reform trajectory while refining implementation based on evidence and 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,” CPPE CEO said.