CPPE boss, Yusuf outlines what Nigerian govt must do to enhance better living conditions

Dr. Muda Yusuf, the Chief Executive Officer of the Centre for the Promotion of Private Enterprise (CPPE), has outlined what the Nigerian government needs to do to improve living conditions for its citizens. In a recent report, Yusuf highlighted that although Nigeria's headline inflation has declined marginally to 14.53 per cent in July from 15.91 per cent in June, the high cost of living remains a significant challenge.

Despite the decrease in inflation, Yusuf stressed that the cost of living persists due to ongoing pressures such as food inflation, transportation costs, and energy prices.

Yusuf attributed the marginal decline in inflation to macroeconomic stability, particularly the relative stability of the exchange rate. He explained that imported inflation, a major component of inflation due to the economy's heavy reliance on imports, has been impacted positively by the stable exchange rate. Yusuf noted that the stable exchange rate has had a positive effect on investment and investor confidence, which has, in turn, contributed to lowering inflation expectations.

However, Yusuf acknowledged that despite the disinflation, ordinary Nigerians continue to face significant challenges. He emphasized that food prices, transportation costs, and energy prices remain key drivers of cost-of-living issues. Yusuf emphasized that addressing these structural factors through fiscal interventions at the federal and state government levels is crucial to improving the living conditions of ordinary citizens.