The Centre for the Promotion of Private Enterprise (CPPE) has warned that reversing Nigeria’s economic reforms would damage the economy and urged the government to shift its focus from macroeconomic stabilisation to productivity, jobs and improved living standards.
The organisation made the call in a statement on Sunday signed by its Chief Executive Officer, Dr Muda Yusuf, and sent to Nairametrics.
CPPE said while the reforms should be sustained, the government must continuously adjust their implementation based on evidence and their effects on businesses and households.
What the organisation is saying
CPPE said reversing the reforms would undermine investor confidence, weaken fiscal stability and destabilise the foreign exchange market.
- “CPPE believes that reversing the reforms would be profoundly damaging to the economy.”
- “It would undermine investor confidence, weaken fiscal stability, destabilise the foreign-exchange market and reintroduce distortions that the reforms were designed to correct.”
- “The reform trajectory should therefore be sustained, while implementation is continuously refined in response to emerging realities.”
- “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.”
The group said reform instruments should be recalibrated as new evidence and implementation experience emerge, particularly where policies are placing pressure on businesses and households.
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The call comes amid concerns over how much of the fiscal space created by the reforms has been absorbed by government expenditure and debt servicing.
Nairametrics earlier reported that Nigeria incurred N10.61 trillion in…
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