Ailing Economy: NNPC, CBN, Others Assure Nigerians Of Swift Recovery

In a promising development, critical stakeholders of the nation’s economy, including the Nigerian National Petroleum Company Limited (NNPC) and the Central Bank of Nigeria (CBN), came together in Abuja to declare that the ailing economy is on the path to revitalization.

This assurance was conveyed during a crucial interactive session between the joint committees of the National Assembly on Finance and key ministers and executives.

During the session at the national assembly, Mela Kyari, the group executive officer of NNPC, presented positive indicators in the Energy and Gas sector, stating that Nigeria is set to become a net exporter of petroleum by December this year. He mentioned that the upcoming production of the Port Harcourt refinery, followed by the Warri refinery a few months later, and the Kaduna refinery by December, will contribute to this achievement. Additionally, Kyari expressed confidence that oil production levels will reach two million barrels per day in the near future, thanks to ongoing efforts.

“We acknowledge the critical role of NNPC and the oil and gas industry in revitalising our economy. We are taking practical steps to achieve this goal,” Kyari stated. “Through President Buhari’s initiatives and our intensified focus on production activities, we have already witnessed growth in oil and gas production. As the minister mentioned, we are on track to reach the target of two million barrels per day. Furthermore, by the end of this year, Nigeria will be a net exporter of petroleum products.”

In alignment with these positive developments, Muhammad Sani Abdullahi, the deputy governor of the CBN (Economic Policy), assured that the challenges of rising inflation, foreign exchange rate fluctuations, and food inflation would soon begin to show a downward trend. Abdullahi cited emerging indicators as evidence of the impending improvement.

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Minister of Budget and National Planning, Atiku Bagudu, emphasised that the implementation of the 2024 budget is already underway. He also mentioned ongoing negotiations with labour leaders regarding the minimum wage, with the aim of avoiding further disruptions to the economy.

In response to the stakeholders’ presentations, Senator Sani Musa, Chairman of the Committee, urged Nigerians to remain resilient, assuring them that the government is tirelessly working to stabilise the economy.

“As representatives of the people, the National Assembly is deeply concerned about economic growth and how our policies can be effective in supporting Nigerians,” Senator Musa stated. “We understand the challenges our economy has faced in the past, and we acknowledge that it will take time for significant changes to occur. However, we believe that with perseverance and united support for President Buhari, we can overcome these challenges and emerge stronger. The indicators show that our economy is on the right track, although it may take time for inflation to decrease. We urge Nigerians to remain patient and optimistic.”

The joint session with the stakeholders provided a platform for open dialogue and showcased the collective commitment towards restoring the nation’s economy.