The Centre for the Promotion of Private Enterprise (CPPE) has urged the Federal Government to ensure Nigeria’s improving economic growth translates into more jobs, higher incomes and better living standards for citizens.
The call followed the latest Gross Domestic Product figures released by the National Bureau of Statistics, which showed that Nigeria’s economy grew by 4.43 percent in the second quarter of 2026, up from 3.89 percent in the first quarter and 4.23 percent recorded in the same quarter of 2025.
In a policy brief by CPPE Chief Executive Officer Muda Yusuf, the organisation described the Q2 performance as the strongest quarterly growth in five years. It, however, cautioned that the headline GDP figure would have limited impact if the expansion failed to improve household welfare.
“The GDP report is an encouraging affirmation that the economy is gaining momentum,” CPPE said, while calling for the gains to be broadened across employment-intensive sectors.
The think tank attributed the stronger performance to factors including improved foreign exchange stability, higher oil output, stronger investor confidence and better corporate performance. It said the developments supported continued reforms but stressed the need for the next phase of economic management to focus on lowering production costs for businesses and households.
CPPE specifically called for lower inflation, declining interest rates, reliable electricity and more efficient logistics. It also recommended greater investment in agro-processing, textiles and garments, pharmaceuticals, automotive components, basic metals, chemicals, construction materials and light manufacturing because of their potential to create jobs and strengthen local supply chains.
The power sector, however, remains a major concern for the organisation. CPPE said electricity, gas and steam contracted by 10.63 percent in Q2, although the decline was less severe than the 15.30 percent contraction recorded in Q1. It warned that weak electricity supply continues to increase production costs across manufacturing, agriculture, mining, ICT, logistics and other services.
Despite the challenges, CPPE said Nigeria could progressively target economic growth of between six and seven percent if reforms are sustained and productive investment increases. It noted stronger performances across agriculture, mining, construction, trade, refining, financial services and real estate, while oil-sector growth accelerated from 2.57 percent in Q1 to 7.31 percent in Q2.
The centre also urged the government to introduce an inclusive growth dashboard alongside quarterly GDP reports to track employment, real wages, poverty-sensitive inflation, MSME performance, agricultural yields, manufacturing output, electricity supplied to productive users, non-oil exports and private investment. According to CPPE, such measures would show not only how fast the economy is growing, but also who is benefiting from the expansion.
CPPE said targeted cash transfers, labour-intensive public works, apprenticeships, technical training and temporary support for viable MSMEs should complement the broader reforms. It maintained that the Q2 figures provide grounds for cautious optimism, but said the recovery would only become meaningful when stronger economic output produces expanding businesses, productive employment and rising real incomes.
