The Centre for the Promotion of Private Enterprise (CPPE) has cautioned that Nigeria's economy still faces structural weaknesses, despite recent drops in headline and core inflation.
CPPE CEO, Dr. Muda Yusuf, said the July 2025 report showed headline inflation eased for the fourth straight month to 21.88%, while food and core inflation also moderated. He linked the positive trend to exchange rate stability, improved investor confidence, and import duty waivers on key staples like rice and maize.
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However, he warned that month-on-month inflation rose from 1.68% to 1.99%, while food inflation climbed to 22.74%, showing persistent supply-side pressures such as high logistics costs, insecurity, and port inefficiencies—all of which directly impact SMEs by raising input and distribution costs.
Yusuf urged the government to sustain reforms, maintain forex stability, and implement structural solutions that reduce business costs for small and medium enterprises. He stressed that while progress has been made, SMEs will only feel real relief when reforms are backed by fiscal discipline, innovative monetary policies, and improved infrastructure.
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