₦airaland Forum

The Centre for the Promotion of Private Enterprise (CPPE) has said that the social outcomes of economic reforms has continued to weigh on households. Insisting that that is why, despite improving fundamentals, disinflation and the easing prices of some food items and manufactured products, the cost-of-living crisis remains a concern.

CPPE in a policy brief on the third quarter 2025 gross domestic product (GDP), released on Monday by the National Bureau of Statistics (NBS), said the 3.98 per cent GDP growth in Q3 2025 shows the economy remains firmly on a path of steady recovery and consolidation.

The document, signed by the Chief Executive Officer of CPPE, Dr. Muda Yusuf, said it is now imperative for policymaking to prioritise targeted interventions to address the uneasiness around the cost of living and ensure that GDP Growth and macroeconomic stability translate into real improvements in citizens’ welfare, particularly for vulnerable groups.

The Q3 2015 GDP figures released by the NBS saw the non-oil sector sustaining its dominance of the economy, contributing 96.56 per cent driven mainly by agriculture.

CPPE said the Q3 performance highlights the positive impact of ongoing economic reforms, especially in stabilising the exchange rate, moderating inflation, improving fiscal conditions, and gradually restoring investor confidence. “These macroeconomic gains have strengthened business sentiment and supported activity across key sectors of the economy,” it said.

It said the sustained recovery recorded in Q3 is largely supported by greater exchange rate stability resulting from FX market reforms, decelerating inflation and improved investor confidence.

“These developments demonstrate that the government’s reform programme is beginning to generate tangible and measurable outcomes across the economy,” the centre said.

Looking at the sectors and their performance, CPPE observed that the services sector maintained its position as the largest contributor to GDP, accounting for 53 per cent of total output.

It noted that the continued resilience of the sector, supported by digital adoption, financial services expansion, and improved business confidence, remains central to overall economic performance. Agriculture grew by 3.79 per cent, up from 2.82 per cent in Q2.

“Despite this modest improvement, insecurity in farming communities, weak rural logistics, limited mechanisation, and declining purchasing power continue to constrain full-scale recovery,” it noted. It described the performance of the manufacturing sector as one of the weakest performances across major sectors even though it expanded by 1.25 per cent.

It attributed the problem of the sector to persistent high energy and logistics costs; costly borrowing conditions; dependence on imported industrial inputs; as well as smuggling of competing products. It noted that these structural weaknesses continue to erode competitiveness and limit job creation. The ICT sector grew by 5.78 per cent, slightly below its Q2 growth of 6.6 per cent.

“The real estate posted an exceptional 89 per cent nominal GDP growth, fuelled by rising property values and asset revaluation. While favourable for investors in the sector, this trend intensifies housing affordability challenges, especially in major cities. Land administration reforms and affordable housing initiatives have become urgent, ” CPPE noted.

CPPE identified the financial services as the best-performing major economic sector, expanding by 19.63 per cent, up from 6.13 per cent in Q2. “This reflects increased economic activity, stronger fiscal operations across all levels of government, and rising confidence in the financial system,” it noted.

To consolidate the gains recorded in Q3 and unlock stronger, more inclusive growth, the Centre recommends that government should reduce structural bottleneck by addressing energy supply constraints, reduce logistics costs, improve port efficiency, and accelerate transport infrastructure development.

The government should also mitigate the cost-of-living crisis; strengthen agricultural productivity; rebuild manufacturing competitiveness; address housing affordability; increase funding for social sectors; and enhance non-oil export competitiveness as well as stabilise oil output and secure critical infrastructure.

CPPE said Nigeria’s Q3 GDP performance reaffirms that the economy is on a gradual but steady recovery path. “However, achieving higher, more inclusive, and sustainable growth will require tackling long-standing structural constraints, especially in agriculture, manufacturing, and trade,” it said.

“Targeted policies to ease cost-of-living pressures are crucial to making the reform process inclusive. With continued reforms, targeted investments, and strengthened governance, Nigeria is well-positioned to deliver stronger economic outcomes in the months ahead.

wellmax:
COST of living is a concern everywhere.

wellmax:
COST of living is a concern everywhere.

Nemere2020:
The Minister of Finance and Coordinating Minister of the Economy Chief Olawale Edun has said the last time Nigeria’s economy looked stable was about a decade ago.

He made this statement during his maiden press conference as Minister of Finance where he outlined President Bola Tinubu’s vision, agenda and strategy for the economy.

He said, “I think as we all know, we are not where we should be. The economy is barely growing above the rate of population growth.

“But it was not always so, and I think in trying to look at the way forward, if we now have a situation of slow growth, double-digit inflation, weak/depreciating exchange rate, as well as security concerns that are resulting in an economy that is not growing and not taking Nigerians out of poverty.

“If we think back to the last time when the economy was stable- when it was growing, when inflation was low, and the interest rate was affordable, that period was about a decade ago. Growth was about 6% in 2013 and 2014.”

https://nairametrics.com/2023/09/01/the-last-time-nigerias-economy-was-stable-was-about-a-decade-ago-wale-edun/

anonimi:
How Indorama sustains manufacturers, boosts Nigeria’s FX earnings

Indorama Eleme Petrochemicals Limited (IEPL) has emerged as a major value creator in the Nigerian economy. It is responsible for the survival, growth and sustenance of many manufacturing companies in Nigeria today. A large number of plastic and allied firms depend on the Eleme-based company for petrochemical resins (or polymer resins) which serve as their raw materials.

The petrochemical company is just one of the several subsidiaries of Indorama-Nigeria Group, which also comprises Indorama Eleme Fertilizer & Chemicals Limited (IEFCL), Indorama PET Nigeria Limited, and Indorama Port Operations.

Since Indorama Corporation of Indonesia became core investor in the old Eleme Petrochemicals Company Limited (EPCL) in 2006 through privatisation programme of the Federal Government, the group has become a game changer in the Nigerian economy.

The petrochemical company has solved the major challenge facing a number of manufacturers— poor access to raw materials. Rather than scramble for foreign exchange to import inputs, the company ensures that manufacturers have access to their critical raw materials, enabling them to save costs and improve margins.

The major resins used by plastic and allied companies are polyethylene and polypropylene. Indorama produces about 45 grades of these products for various industries. About 600 of such companies in Nigeria depend on IEPL for their survival. They are estimated to have over 90,000 workers.

https://businessday.ng/real-sector/article/how-indorama-sustains-manufacturers-boosts-nigerias-fx-earnings/

Racoon:
https://guardian.ng/news/cost-of-living-still-a-concern-despite-gdp-growth-cppe/

Gotocourt:
Blame retailers, they're very greedy.

Prices have dropped at distributors place 🤷🏿📌💯

NaijaRoyalty:
…Says Buhari doesn’t have my kind of money

However, Buhari doesn’t have the kind of money I can steal neither does he have the money I can collect. He doesn’t even have the money for Lagos votes. So, whatever I promise, it’s for real and is coming from my pocket. It’s not until I go to Alausa before I get money to give you.”

Addressing APC supporters on the need to deliver votes, Tinubu said handsome cash rewards await those who can deliver votes for the party.

He said he would not make mistakes of the past where people would collect money in advance and not deliver on election day.

Tinubu added, “Those of you that say you come to Bourdillon for mobilisation, it is mobilisation that we are doing here or don’t you understand? Definitely, if you know people in your neighbourhood, our members, how we used to do.

https://www.google.com/amp/s/punchng.com/i-said-i-was-richer-than-osun-state-tinubu-admits/%3famp

anonimi:
The eyesore on Bourdillon Road
2nd January 2025

Beyond his neighbours, there is something about the sight of people hanging around a president’s residence that does not speak well of his leadership capabilities. Maybe no one has nudged him to see it, but the impression that spectacle on Bourdillon Road generates is that Tinubu enjoys the sight of suffering humans and thrives in—and through— their poverty.

If all these years, impoverished people hang around you and you remain comfortable enough to keep them just so they can be handed tokens of your large heart, then it means you have a pro-poverty mindset. Such a frame of mind is oriented toward cultivating poverty rather than stimulating abundance.

That is why he could unproblematically relate the story of his “friend” who went from using five Rolls Royce to a far-less valued car and not consider the import of the nonsense he was saying. That spurious account was an indication that this is a man for whom poverty—of others, not himself—is an ideal.

https://punchng.com/the-eyesore-on-bourdillon-road/

adebayo201:
If things are going well, you'll know from the people living within that geopolitical area. You don't need data or whatever.

Invariably, if it's otherwise, you'll also know from the people.

Nah stats we wan chop?

Everywhere is volatile. People are eating from hsnd to mouth. Sometimes, I think these people governing us do not read or just don't care.

Na wa oh

adebayo201:
If things are going well, you'll know from the people living within that geopolitical area. You don't need data or whatever.

Invariably, if it's otherwise, you'll also know from the people.

Nah stats we wan chop?

Everywhere is volatile. People are eating from hsnd to mouth. Sometimes, I think these people governing us do not read or just don't care.

Na wa oh