Tag: Dr Muda Yusuf

The CPPE’s 2026 economic outlook is that of cautious optimism. With reform momentum sustained, Nigeria is expected to transition more decisively from stabilisation to growth. GDP growth is projected between 4.0 and 4.5 per cent, supported by continued moderation in inflation and stronger non-oil sector performance.

Moderating inflation should strengthen domestic demand and create room for gradual monetary easing, potentially lowering interest rates and stimulating private investment. Services—especially telecommunications, finance, construction, real estate and trade—will remain the primary growth engine.

Capital-market prospects are positive, supported by the potential listing of Dangote Refinery, which could deepen market liquidity and attract domestic and foreign portfolio inflows. Policy credibility remains strong, reinforcing investor confidence and capital inflows.

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Key risks to the outlook include security challenges as insecurity continues to constrain agriculture, logistics and investment. Fiscal performance remains sensitive to oil shocks. High power, energy and logistics costs will continue to weigh on real-sector productivity. Debt service—estimated at over N15 trillion in the 2026 appropriation, about 50 per cent of projected revenue, continues to constrain fiscal space. Geopolitical tensions could affect trade flows, commodity prices and capital movements. Pre-election pressures exist as fiscal and political uncertainties in the pre-election year could heighten risks. Besides, emerging resistance may undermine tax revenue expectations for 2026.

Overall, 2025 laid a solid foundation of macroeconomic stability. The outlook for 2026 is reassuring, with expectations of stronger growth, easing inflation, improving investor confidence and a gradual shift toward more inclusive expansion. If reform momentum is sustained and security challenges are effectively addressed, 2026 could mark the beginning of a more robust growth phase with tangible improvements in living standards.

Chief Executive Officer, Centre for the Promotion of Private Enterprise (CPPE), Dr Muda Yusuf has expressed concerns over the growing incidents of regulatory irritations, distractions, and frustrations being faced by investors in the Nigerian economy.

According to him, there are disturbing tendencies of overbearing regulatory dispositions, disproportionate sanctions, obstructionist actions, outrageous fines and penalties, intimidation and  high-handedness.

“There are also worries about multiple regulatory fees and levies, duplications and overlapping responsibilities, regulatory repression and weak stakeholder engagement,” Yusuf said.

He urged the regulatory agencies to exercise more discretion in exercise of their powers and support the aspiration of the present administration to create and enabling environment for investment to boost domestic production, reduce import dependence, conserve foreign exchange and elevate investors’  confidence.

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He noted that exercising more discretion does not detract from the primary responsibilities of the agencies to protect consumers, ensure competition, promote standards and quality and protect the environment.

“But they do not have to suffocate investors in order to achieve this objective. Public pronouncements by some of the agencies had the unintended consequences of demarketing local brands, an action which is detrimental to the country’s aspiration to boost domestic production, grow investment, expand exports, earn foreign exchange and create jobs.

“The regulatory agencies should appreciate the context in which businesses in Nigeria are operating.  The headwinds are profound and multifaceted, which is why many large companies declared huge losses in their latest financial results. Many have shut down; some have scaled down their operations while several others have left the country.

“Businesses are grappling with the challenges of exchange rate depreciation, currency volatility, high energy cost, high electricity tariff, high cost of logistics, weak purchasing power, soaring inflation, high cost of funds, high cost of cargo clearing, insecurity in parts of the country and many more.  These are enough troubles for manufacturers and other investors in the economy.

The regulatory agencies should not be perceived as adding to this multitude of problems. It is important that the regulatory agencies bear this in mind.  Running a business in the country at this time is a herculean task,” Yusuf said.

He noted that the regulatory agencies can discharge their functions effectively without jeopardising investment sustainability and growth.

He urged the regulatory agencies to see investors as partners in the Nigerian project for the growth of the economy and not as objects from which to extract financial value of all types.