Critical stakeholders in Nigeria’s economy, including the Nigerian National Petroleum Company Limited (NNPCL) and the Central Bank of Nigeria (CBN), have assured citizens that the nation’s ailing economy is on the path to recovery.
This assurance was given during an interactive session held on Monday with joint committees of the National Assembly on Finance.
The session, attended by key figures such as the Ministers of Finance, Mr. Wale Edun, Budget and National Planning, Senator Atiku Bagudu, Minister of State Petroleum, Senator Heineken Lokpobiri, NNPCL’s Group Executive Officer, Mela Kyari, and CBN Governor, Mr. Yemi Cardoso, focused on strategies to revitalize the economy.
In his presentation, Mela Kyari, Group Executive Officer of NNPCL, informed the committee that Nigeria is set to become a net exporter of petroleum by December.
He cited the upcoming commencement of production at the Port Harcourt refinery in early August, followed by the Warri refinery, and the Kaduna refinery by December.
Kyari also revealed that Nigeria’s oil production is expected to reach 2 million barrels per day soon, as all necessary measures have been implemented.
“Mr. Chairman and members of the Joint Committee, the NNPCL and the oil and gas industry are pivotal in transforming our economic situation. We have seen growth in our oil and gas production due to actions taken by the President and our commitment to enhancing production activities,” Kyari stated.
Kyari also highlighted the potential contributions of the Dangote refinery and other smaller producers, expressing confidence that Nigeria will be a net exporter of petroleum products by the end of the year.
The CBN Governor Yemi Cardoso, represented by Deputy Governor for Economic Policy Muhammad Sani Abdullahi, addressed the challenges of rising inflation, foreign exchange rate fluctuations, and food inflation. He indicated that these issues are expected to improve soon, based on emerging economic indicators.
Also, the Minister of Budget and National Planning, Atiku Bagudu, mentioned that the 2024 budget is already in implementation. He also noted ongoing negotiations with labor leaders on the minimum wage to prevent further economic disruptions.
In his response, Senator Sani Musa, Chairman of the Committee, appealed to Nigerians to remain patient as the government works tirelessly to stabilize the economy.
“Our interactive session with you, the managers of the economy, is about fostering economic growth and ensuring that our policies benefit Nigerians.
The National Assembly is committed to addressing the economic challenges and supporting the President’s efforts to bring stability,” Senator Musa remarked.
The Lawmaker also acknowledged the difficulties faced by the economy in recent years and emphasized the need for gradual improvements, urging Nigerians to persevere and support the current administration.
“The indicators show that the economy is on the mend. Although inflation remains a challenge, progress is being made, and with time, the situation will improve,” he concluded.
