CPPE Hails Nigeria’s 4.43% Q2 GDP Growth, Seeks Stronger Investment, Jobs, Welfare

 

By allcitynews.ng

The Centre for the Promotion of Private Enterprise (CPPE) has welcomed Nigeria’s 4.43 per cent real Gross Domestic Product (GDP) growth in the second quarter of 2026, describing the performance as the strongest quarterly expansion in five years and a sign that the economy is gaining momentum.

In a policy brief signed by its Chief Executive Officer, Dr. Muda Yusuf, the CPPE said the Q2 growth rate represented an improvement from 3.89 per cent recorded in the first quarter of 2026 and 4.23 per cent in the corresponding period of 2025.

The organisation, however, urged the government to ensure that the improving economic performance translates into increased investment, job creation and better living standards for Nigerians.

According to the CPPE, the growth was driven by stronger oil production and broad-based expansion across agriculture, mining, construction, trade, refining, financial services, real estate and other service activities.

Oil sector growth rose from 2.57 per cent in the first quarter to 7.31 per cent in Q2, supported by an increase in average crude oil production from 1.55 million barrels per day to 1.72 million barrels per day.

The non-oil economy also improved, growing by 4.31 per cent compared with 3.94 per cent in the preceding quarter, while the services sector expanded by 4.60 per cent and accounted for 56.62 per cent of real GDP.

CPPE said domestic refining remained a major growth driver, expanding by 43.94 per cent in the second quarter, while cement production grew by 12.75 per cent, chemicals and pharmaceuticals by 7.70 per cent, accommodation and food services by 6.96 per cent and arts and entertainment by 11.93 per cent.

The organisation also noted improvements in agriculture, mining and quarrying, construction, trade, financial services and real estate.

Agriculture grew by 4.39 per cent, while livestock recorded a significant increase of 6.92 per cent. Financial and insurance services expanded by 9.29 per cent, while information and communication technology remained one of the economy’s strongest sectors with growth of 9.62 per cent.

Telecommunications grew by 10.38 per cent during the period.

Despite the positive outlook, the private-sector advocacy group identified electricity, textiles and automotive assembly as sectors requiring urgent policy attention.

Electricity, gas and steam contracted by 10.63 per cent in Q2, although this represented an improvement from the 15.30 per cent contraction recorded in the first quarter.

Textiles, apparel and footwear also declined by 1.23 per cent, while motor vehicle assembly contracted by 1.02 per cent.

CPPE said a turnaround in the power sector was critical to sustaining industrial growth and reducing the high cost of production faced by businesses.

It called on the government to accelerate investment in electricity generation, transmission and distribution, while addressing gas supply, market liquidity and metering challenges.

The organisation also urged policymakers to focus on employment-intensive value chains, including agro-processing, textiles and garments, pharmaceuticals, automotive components, basic metals, chemicals, construction materials and light manufacturing.

According to CPPE, the next phase of Nigeria’s economic reforms should focus on reducing inflation, interest rates, energy and logistics costs while improving access to long-term financing for businesses.

The group further called for stronger investment in agriculture, transport infrastructure and industrial logistics, as well as more technology-driven and risk-based regulatory processes.

On household welfare, CPPE stressed that stronger GDP growth must be reflected in rising real incomes, increased employment opportunities and poverty reduction.

It recommended targeted and digitally verified social support for vulnerable households, alongside nutrition programmes, public works, apprenticeships and technical training.

CPPE also proposed the publication of an inclusive-growth dashboard alongside quarterly GDP reports to track employment, real wages, MSME performance, agricultural yields, manufacturing output, non-oil exports and private investment.

“The economy is clearly moving in a more positive direction. The next task is to ensure that stronger GDP growth translates into expanding businesses, productive employment, rising real incomes and a steady reduction in poverty,” the organisation said.

CPPE added that with consistent policies and stronger productive investment, Nigeria could progressively raise its economic growth rate towards between six and seven per cent, driven by sectors with strong employment and domestic value-chain linkages.

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