As Nigeria marks 65 years of independence, the Centre for the Promotion of Private Enterprise (CPPE) has urged the government to seize the moment to reposition the economy for long-term growth and shared prosperity.
Dr Muda Yusuf, Director and CEO of CPPE, issued this statement ahead of the Independence anniversary, describing the milestone as a timely juncture for reflection and recalibration.
He expressed that although Nigeria’s economy has been plagued by missed opportunities and underutilised potential, its journey has been marked by resilience and innovation.
Yusuf pointed to recent policy shifts—such as the removal of fuel subsidies, exchange rate harmonisation, and tax reforms—as signs of a bold new direction.
Though these measures have triggered short-term discomfort, including rising inflation and reduced purchasing power, he believes they lay the groundwork for macroeconomic stability.
“The reform drive presents a rare chance to chart a new course—one that prioritises competitiveness, institutional strength, and inclusive growth,” Yusuf said.
He acknowledged the structural challenges still facing the country, including over-reliance on oil, fragile infrastructure, and inconsistent policy execution.
Yet, he highlighted key areas of progress, particularly in digital technology and creative industries.
From fewer than 20,000 telephone lines in 1960, Nigeria now boasts over 165 million active mobile connections, revolutionising sectors like banking, commerce, and governance. Yusuf also praised the rise of fintech, the expansion of capital markets, and the global influence of Nollywood and Afrobeats.
Broadcasting, too, has seen dramatic growth—from a handful of stations at independence to more than 740 today—while e-commerce continues to reshape consumer behaviour.
“These achievements underscore the potential of a diversified, non-oil-driven economy,” he said.
Yusuf emphasised that sustaining momentum will require reliable infrastructure, stable electricity, broader internet access, and consistent regulations to attract private investment.
He also lamented the long-term decline of the Naira, once a substantial currency compared to the U.S. dollar, and its impact on production costs and investor confidence.
Despite the challenges, he was upbeat, though cautious about Nigeria’s economic trajectory, calling on policymakers to put more effort into reforms that foster human capital, institutional resilience, and inclusive development.