Nigeria’s economic stakeholders, including ministers and top officials, have assured that the country’s ailing economy is showing signs of revival.
During an interactive session with the Joint Committee of the National Assembly on Finance, the stakeholders expressed optimism that efforts to address the economic challenges are yielding results.
NNPCL’s Group Executive Officer, Mela Kyari, disclosed that Nigeria is expected to become a net exporter of petroleum by December this year, with the Port Harcourt refinery set to commence production in August.
He also stated that the country’s oil production is projected to reach two million barrels per day in the coming months.
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The Deputy Governor (Economic Policy) of the Central Bank of Nigeria (CBN), Muhammad Sani Abdullahi, representing the CBN governor, assured that the triple challenges of escalating inflation, fluctuations in the foreign exchange rate, and food inflation are expected to decrease soon.
The Minister of Budget and National Planning, Atiku Bagudu, stated that the 2024 budget is currently being implemented, and negotiations with labor leaders regarding the minimum wage are ongoing to prevent further disruptions to the economy.
The committee chairman, Senator Sani Musa, urged Nigerians to persevere, assuring them that the government is working tirelessly to stabilize the economy.
He acknowledged that the economic challenges are not easy to address but expressed confidence that the indicators are showing positive signs of recovery.
Overall, the stakeholders assured that Nigeria’s economy is on the path to recovery, with emerging signs of revival in the energy and gas sector, and efforts to address inflation, foreign exchange rate fluctuations, and food inflation.
