…Urges Govt On Prioritisation Of Implementation
The Centre for the Promotion of Private Enterprise (CPPE) has commended the Federal Government on its newly unveiled Social Intervention Programmes, supported by the World Bank, describing the launch as a timely and commendable policy initiative.
The programme comprises five flagship interventions: the Nigeria Community Action for Resilience and Economic Stimulus Additional Financing (NG-CARES AF), the Solutions for Internally Displaced and Host Communities Programme (SOLID), and the three Human Capital Opportunities for Prosperity and Equity (HOPE) programmes—HOPE-GOV, HOPE-PHC and HOPE-EDU.
The Director/Chief Executive Officer of the Centre, Dr. Muda Yusuf, in a Policy Brief Note issued on Monday maintained that together, the programmes signalled an important shift in the reform agenda: from restoring macroeconomic stability to ensuring that the benefits of reform translate into improved welfare, greater inclusion and shared prosperity.
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According to the Director, there is a broad consensus that the administration’s economic reforms have substantially strengthened macroeconomic fundamentals just as exchange-rate stability has improved, fiscal transparency has deepened, external reserves have strengthened and investor confidence has recovered.
Yusuf pointed out, however, that macroeconomic stability, while necessary, was not sufficient, adding that the enduring test of any reform programme is its ability to improve living standards through lower inflationary pressures, higher productivity, stronger employment and rising household incomes.
He clarified further that against this backdrop, the Social Intervention Programmes had assumed strategic importance, noting that beyond providing temporary relief to vulnerable households, they strengthen the social legitimacy of the reform process by demonstrating that economic reforms are ultimately intended to improve citizens’ welfare, not merely to deliver favourable macroeconomic indicators.
The renowned economist stated that public support would more likely endure when the benefits of reform are visible, inclusive and widely shared and that social protection, therefore, had the potential of not only enhancingsocial welfare but also the political credibility and sustainability of the reform agenda.
The CPPE boss further expatiated: “The programme also reinforces an important policy principle: macroeconomic stability is a means to an end, not an end in itself. Its ultimate purpose is inclusive growth, productive employment, poverty reduction and shared prosperity. The government’s recognition of this imperative deserves commendation.
“The effectiveness of the initiative, however, will depend on implementation. Programme design must reflect Nigeria’s institutional realities, minimise leakages and political capture, and ensure that support reaches intended beneficiaries efficiently, transparently and at scale. International development models should be adapted to local conditions rather than replicated without contextualisation.
“Equally important is the need to situate social interventions within a broader structural reform framework. Cash transfers and related programmes can mitigate the immediate social costs of adjustment, but they cannot substitute for reforms that address the structural drivers of poverty. Insecurity, high food inflation, weak agricultural productivity, inadequate infrastructure and elevated production costs remain fundamental constraints to inclusive growth. Sustainable poverty reduction ultimately depends on expanding productive employment and improving economic competitiveness.
“Social protection and structural reforms should therefore be viewed as complementary policy instruments. Effective social interventions cushion vulnerable households during economic adjustment, while structural reforms create the conditions for higher productivity, stronger private investment, sustainable income growth and durable poverty reduction”, he added.
Yusuf concluded that overall, the programme marked an important progression from macroeconomic stabilisation to inclusive economic transformation, stressing that the overriding priority now for the government is rigorous implementation, transparent governance, effective targeting and measurable outcomes.
He maintained that only then would the gains from macroeconomic reforms translate into tangible improvements in welfare, stronger productivity and a broader sharing of economic prosperity.
