Nigeria’s 3.98% GDP Growth: CPPE Urges FG to Prioritise Agriculture, Manufacturing
- The CPPE has stated in a policy brief that the economic gains are not yet translating into improved welfare for citizens
- The group highlighted major challenges in agriculture, manufacturing, and trade that continue to slow inclusive growth
- It also recommended structural reforms in energy, logistics, agriculture, manufacturing and social services to sustain economic recovery
Oluwatobi Odeyinka is a business editor at Legit.ng, covering energy, the money market, tech and macroeconomic trends in Nigeria.
The Centre for the Promotion of Private Enterprise has advised the federal government to prioritise targeted support for agriculture and manufacturing, ensuring Nigeria’s 3.98% GDP growth in the third quarter of 2025 leads to real improvements in citizens’ welfare.
In a policy brief released by the organisation’s director, Dr Muda Yusuf, he stated that Nigeria’s current macroeconomic gains may not translate into broad-based relief unless structural challenges across key sectors are addressed, Punch reported.
Source: Getty Images
Yusuf explained that the social impact of recent economic policies remained heavy on families and stressed the need for deliberate actions to tackle the rising cost of living, especially for vulnerable groups.
“Macroeconomic stability must translate into real improvements in citizens’ welfare, particularly for vulnerable groups,” he said.
The brief highlighted several constraints in agriculture, which expanded by 3.79% in Q3 but continues to face insecurity, poor rural infrastructure, low mechanisation and weakened purchasing power. Manufacturing was also described as fragile, having recorded 1.25% growth.
The CPPE added that manufacturers are still dealing with high energy and logistics costs, expensive lending conditions, dependence on imported raw materials and smuggling of competing goods.
While the services sector remained the biggest contributor to output at 53%, the report noted that the trade sector growth was sluggish at 1.98% due to high import costs and reduced consumer spending. It also pointed to continued declines in textiles, apparel, paper and pulp.
The group acknowledged that the economy grew by 3.98% in real terms, slightly below the 4.3% recorded in the previous quarter, but said the figures show steady recovery.
It noted improvements linked to ongoing reforms, including exchange rate stability, moderating inflation and better fiscal conditions.
However, the CPPE stressed that reducing cost pressures must remain a top priority for all levels of government. It called for sustained interventions in agriculture, pharmaceuticals, transportation and energy to ease hardship.
To consolidate recovery, the organisation recommended measures such as removing structural bottlenecks, improving energy supply, reducing logistics costs, strengthening port operations and fast-tracking transport infrastructure.
It also urged the government to boost agricultural productivity through better security, irrigation, storage facilities, rural roads and mechanisation.
Source: Getty Images
Other recommendations include improving manufacturing competitiveness with concessionary financing, tackling smuggling, lowering import duties on industrial inputs and easing supply chain challenges.
The CPPE further advised reforms in land administration, expansion of mortgage markets, affordable housing initiatives, and increased funding for education, health and social services.
FG grants target farmers, small business owners
Legit.ng earlier highlighted several federal government grants and loans available to farmers, small business owners and other low-income earners in Nigeria.
Some of the loans and grants include CrediCorp, a conditional grant, and an SME loan, among others, spreading across different sectors of the economy.
According to the government, the presidential conditional grant alone targets 1,000,000 beneficiaries, adding that close to 900,000 have benefited.
Source: Legit.ng
