The Centre for the Promotion of Private Enterprise (CPPE) has described the economy as moving towards a more positive direction, as evident in the macro-economic gains recorded in the past few years..

 

 

The Centre, in a statement issued by its Chief Executive Officer, Dr. Muda Yusuf, however, advised that the next task should be for the relevant authorities to ensure that stronger GDP growth translates into expanding businesses, productive employment, rising real incomes and a steady reduction in poverty.

 

 

Reacting to the Second Quarter Gross Domestic Product ( Q2 GDP), the Centre expressed the delight at the acceleration of  the nation’s  real GDP  growth to 4.43% in the second quarter of 2026, from 3.89% in the first quarter, and 4.23% in the corresponding quarter of 2025.

 

 

It described the outcome as the strongest quarterly growth in five years, and an important indication that the economy is gaining momentum after a difficult period of macroeconomic adjustments.

 

 

The Centre attributed the improvement to stronger oil production, and a fairly broad expansion across agriculture, mining, construction, trade, refining, financial services, real estate and selected service activities.

 

 

The Centre argued that while the GDP report represented an encouraging affirmation that the economy is gaining momentum, the relevant authorities should, however, broaden those gains, strengthen employment-intensive sectors and ensure that improving output translates into better living standards.

 

 

“The latest numbers suggest that greater stability in the foreign-exchange market, improved oil output, stronger investor confidence and better corporate performance are beginning to support recovery.

 

 

“This is a significant positive development and reinforces the case for continuity in the broad reform direction,” it added.

 

 

The Centre also warned against abrupt policy reversals, adding such action would risk renewed instability, weaken confidence and undermine fiscal and foreign-exchange gains.

 

 

“The next phase should therefore consolidate these achievements while easing adjustment pressures on businesses and households through lower production costs, stronger social support and employment-focused investment,” it added.