GDP: CPPE Urges Targeted Interventions To Ease Cost Of Living

The Centre for the Promotion of Private Enterprise (CPPE) has urged policymakers to prioritise targeted interventions to address uneasiness around cost of living to ensure Gross Domestic Product (GDP) growth translated into real improvements in citizens’ welfare.
The Founder, CPPE, Dr Muda Yusuf, gave the advice on Tuesday in Lagos in reaction to the country’s third quarter GDP report which grew by 3.98 per cent.
Yusuf noted that though the report showed slight moderation from the 4.3 per cent growth in the second quarter.
However, data confirms the economy remains firmly on a path of steady recovery and consolidation.
Yusuf said the performance highlighted the positive impact of ongoing economic reforms, especially in stabilising the exchange rate, moderating inflation, improving fiscal conditions and gradually restoring investors’ confidence.
According to him, these macroeconomic gains have strengthened business sentiment and supported activity across key sectors of the economy.
He, however, noted that in spite of improving fundamentals, the cost-of-living crisis remains a concern.
Yusuf said while disinflation was underway and prices of some food items and manufactured products were easing, the social outcomes of economic reforms continued to weigh on households.
“It is, therefore, imperative for policymaking to prioritise targeted interventions to address the uneasiness around cost of living and ensure that GDP growth and macroeconomic stability translate into real improvements in citizens’ welfare—particularly for vulnerable groups,” he said.
Yusuf said to consolidate the gains recorded in Q3 and unlock stronger, more inclusive growth, certain policy interventions were critical.
He emphasised the need to reduce structural bottlenecks, mitigate the cost of the living crisis, strengthen agricultural productivity, rebuild manufacturing competitiveness and address housing affordability.
Yusuf also called for increased funding for social sectors such as health and education, enhancement of non-oil exports, stabilised oil output and security of critical infrastructure.
He reaffirmed that targeted policies to ease cost-of-living pressures was crucial to making the reform process inclusive.