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CPPE sets economic agenda for incoming administration



The Centre for the Promotion of Private Enterprises (CPPE) has set an economic agenda for the incoming administration aimed at signalling investors’ confidence and repositioning the Nigerian economy.

CPPE Founder, Dr Muda Yusuf, in a statement on Sunday in Lagos, said Nigeria’s current political transition offered a great opportunity to chart a new course and redirect the country’s economy.

The News Agency of Nigeria (NAN) reports that Sen. Bola Tinubu emerged as President-elect of the country at the Presidential election on Feb. 25.

According to Yusuf, Nigeria’s economy is in a stumbling and fragile state and in dire need of a new direction.

He suggested that the incoming administration should establish quality economic governance consistent with tested economic principles and empirical evidence, contextualised within socio-economic peculiarities.


This, he stressed, was critical from the onset of the administration to signal investors’ confidence.

Yusuf added that good economic governance framework should entail the setting up of a technically sound transition committee on the economy to provide policy direction and urgent reforms within one month.

He emphasized the need for a competitive economic environment with level playing field and minimum monopoly dominance.

“They should expand the role of markets for value delivery, boost private enterprise, carry out robust review of economic framework and engage in regular stakeholder engagement to ensure proper alignment of policies with investors sentiments.

“Government institutions that play technical roles should be headed by tested technocrats,” he said.


Yusuf advocated the need for the incoming administration to prioritise macroeconomic stability with emphasis on moderating inflationary pressures, stabilising the exchange rate and boosting economic growth.

He added that tax reforms, fuel and foreign exchange subsidy elimination to save N7 trillion and N3 trillion respectively were pertinent.

“Nigeria must unlock more income from revenue generating agencies through enhanced efficiency of their operations and initiate budget reforms to ensure fiscal discipline, curb budget padding among others.

“The administration must also ensure value for money in government expenditure and procurement and commit to reduction in the cost of governance,” he said.

He tasked the incoming administration to demonstrate unmistakable commitment to the implementation of the Petroleum Industry Act (PIA) to attract more investment into the oil and gas sector.


He added that the current impressive momentum to tackle oil theft should be sustained and the practice of the President assuming the role of Minister of Petroleum should be discontinued.

Yusuf said that trade and tariff reforms should include a tariff regime that adequately protected local industries, to facilitate industrialisation.

He added that import duty on intermediate products and critical industrial inputs should be reviewed to reduce production costs adding that tariff review processes should be more inclusive and transparent.

He called for the removal of all customs checkpoints within the country, saying that the practice of intercepting cargoes that have been duly cleared at any of our ports should be discontinued.

The CPPE boss said that policies on agriculture must be holistic, focusing on the entire value chain.


He stressed that due attention should be given to cost and availability of inputs, production and productivity, application of technology, logistics and marketing, processing and storage.

Yusuf noted the urgent need to transit from subsistence farming to mechanised and commercial agriculture, driven by technology.

“There is need to attract the youth into agriculture as the farming population is rapidly ageing and this would only happen if sector is technology driven.

“Nigeria must strengthen the linkage between agriculture and industry within a sustainable backward integration framework,” he said.

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We Have Removed All Obstacles Hindering Business In Nigeria – Tinubu



Bola Tinubu

President Bola Tinubu has declared that his administration has removed all obstacles hindering businesses in Nigeria.

Tinubu said this while speaking to international investors on Monday, in Berlin, Germany.

This was disclosed in a statement issued by Ajuri Ngelale, the Special Adviser to the President on Media & Publicity.

Tinubu also told the international investors that beyond Nigeria’s natural resources, the people of Nigeria, who are highly educated, highly skilled, and naturally industrious, are the primary asset and advantage the country wields over other nations in the global race for new investments.

The Nigerian leader noted that while promoting the rule of law is crucial for attracting foreign investments, Nigeria’s energetic youth population and well-educated populace represent the greatest incentive provided to investors toward the mutually-beneficial replication of China’s economic resurgence.


“We are dogged in our pursuit of natural gas development today, in tandem with hydrogen production for tomorrow. The world knows Nigeria as a leader in the energy sector. Our vast gas deposits and business-friendly environment make us an attractive investment destination.

“But we are going a step further now. We are creating fiscal responsibility and tax reforms as we reform our financial institutions to expeditiously accommodate foreign investments,” Tinubu said.

”We are eager and ready to partner with you. We have the youngest, largest, and most vibrant youth population in Africa. Equally, we have every ingredient required in the making of a modern economy: a well-educated population, a massive market, and the political will to bring it all together under my leadership.

“Nigeria has consolidated on its democracy with several consecutive handovers of power. There is stability and predictability in the socio-political development of our country, which provides a conducive atmosphere for business operations and investment. Your money is safe.

“Since I assumed office in May 2023, we have embarked on transformative changes, removing all obstacles hindering businesses. We are reforming the economy based on the principle and philosophy of good governance,” Tinubu said.

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Nigeria brings major Dangote refinery to life with own oil supply



Nigeria’s state oil firm NNPC Ltd will supply the new 650,000 barrel-per-day Dangote oil refinery with up to six cargoes of crude oil in December to be used in test runs, three industry sources with knowledge of the matter said.

The refinery, funded by Africa’s richest man Aliko Dangote, will transform oil trading in the Atlantic Basin and remove a lucrative outlet for fuels produced in Europe and the United States that have for years powered the cars, trucks and generators on the continent.

The refinery is in the Lekki free trade zone near Lagos. Once it is fully up and running, it will turn oil powerhouse Nigeria into a net exporter of fuels, a long-sought goal for the OPEC member that is currently almost totally reliant on imports.

One of the sources, an NNPC official, who declined to be named, specified six cargoes, or 200,000 bpd, would be supplied in December as part of a one-year deal, adding that volumes in future months would be supplied “based on mutual agreement and availability”.

The other sources said about 4-5 cargoes, or at least 130,000 bpd, were planned. A Dangote Group official, who did not wish to be named, said “some of the agreements have confidentiality clauses” without elaborating when asked about the NNPC supply deal.


NNPC has a 20% stake in the refinery.

The refinery began the commissioning process in May this year after running years behind schedule at a cost of $19 billion, above initial estimates of $12-14 billion.

Commissioning includes testing the different units that make products from gasoline to diesel and making sure they respond to the control panels.

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