Key stakeholders in Nigeria’s economy have declared that the nation’s struggling economy is showing signs of revitalization, based on emerging indicators.
This declaration was made during an interactive session with the Joint Committee of the National Assembly on Finance, which included discussions with key ministers and officials.
Finance Minister Wale Edun, Budget and National Planning Minister Atiku Bagudu, Petroleum Minister Heineken Lokpobiri, NNPCL Group Executive Officer Mela Kyari, and Central Bank of Nigeria (CBN) Governor Yemi Cardoso provided assurances about the economy’s improvement.
Mela Kyari informed the committee, led by Senator Sani Musa (APC, Niger East), that Nigeria is on track to become a net exporter of petroleum by December. He highlighted the imminent production start of the Port Harcourt refinery next month, followed by the Warri refinery and Kaduna refinery by December.
Kyari also projected that Nigeria’s oil production will soon reach two million barrels per day due to recent enabling actions.
“NNPCL and the oil and gas industry are crucial in driving economic turnaround. We are taking every practical step to achieve this. Growth in oil and gas production has resulted from specific actions by Mr. President and our declared focus on production activities, which are yielding positive results,” Kyari stated.
“We are optimistic that by December, Nigeria will be a net exporter of petroleum products, with contributions from NNPCL, the Dangote refinery, and other smaller producers,” he added.
CBN Governor Yemi Cardoso, represented by Deputy Governor (Economic Policy) Muhammad Sani Abdullahi, noted that rising inflation, foreign exchange rate fluctuations, and food inflation are expected to decline soon, as current indicators suggest.
Minister of Budget and National Planning Atiku Bagudu reported that the 2024 budget is being implemented, and ongoing negotiations with labor leaders on the minimum wage aim to prevent further economic disruptions.
Senator Sani Musa, Chairman of the committee, urged Nigerians to remain patient as the government works to stabilize the economy. “Our interactive session is focused on economic growth and policy effectiveness. The National Assembly is deeply concerned as representatives of the people. We need to understand the situation, which is why we convened this meeting,” he said.
“The economy has faced significant challenges in recent years, and recovery will be gradual. We must support President Tinubu to navigate through these challenges. While the indicators show improvement, overcoming inflation and economic difficulties will take time,” Musa concluded.