NNPCL and CBN Announce Nigerian Economic Revival is Underway.

Economic stakeholders announced on Monday in Abuja that the flagging economy is being revived based on new data. The Joint Committee of the National Assembly on Finance met with key ministers and officials, including Wale Edun (Finance), Atiku Bagudu (Budget and National Planning), Heineken Lokpobiri (Petroleum), Mela Kyari (Group Executive Officer of NNPCL), and Yemi Cardoso (Governor of the Central Bank of Nigeria), to receive assurances on economic recovery.

During his presentation, Kyari informed the committee, chaired by Senator Sani Musa (APC, Niger East), that Nigeria is expected to become a net exporter of petroleum by December of this year. This expectation is based on the progress of refineries in Kaduna, set to be operational by December, and Port Harcourt, which will begin production early next month. The Warri refinery will follow a few months later.

Kyari emphasized that the country will soon reach two million barrels per day of oil output, with all necessary infrastructure already in place. He credited growth in oil and gas production to decisive actions taken by the President and a declared war on production activities, which are yielding positive results.

“Mr. Chairman and members of the Joint Committee, let me just give confirmation that NNPCL and the oil and gas industry are very critical in bringing about a turnaround in our current economic situation, and we understand the importance of this. We are taking every step that is practical for us to achieve this.

“We have already seen growth in our oil and gas production because of certain actions that Mr. President personally took, and also the very mere truth that we have also declared a war on production activities and this is yielding the required results.

“The combination of these two has now seen us restoring production in our country, and we believe that, as the Honourable Minister has said, we will soon hit the target of two million barrels oil production per day.

“I’m aware that there are several comments in the public space around refining business and domestic production, including production that will come from the commissioned Dangote refinery. Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year.

“We’re very optimistic that by December, this country will be a net exporter. That means a combination of production coming from us, and also from Dangote refinery and other smaller producing companies that we know are in line to do this.

“So I can confirm to you, Mr. Chairman, that by the end of the year, this country will be a net exporter of petroleum products.

“Specific to NNPC refinery, we have spoken to a number of your committees, that it is impossible to have the Kaduna refinery come into operation before December; it will get there in December—both Warri and Kaduna—but that of Port Harcourt, will commence production early in August this year,” he said.

The CBN Governor, through Deputy Governor (Economic Policy) Muhammad Sani Abdullahi, indicated that the challenges of rising inflation, fluctuations in foreign exchange rates, and food inflation would start to decline soon as positive signs emerge.

Minister of Budget and National Planning, Atiku Bagudu, stated that the 2024 budget is already being implemented, and continuous negotiations over the minimum wage are ongoing with labor leaders to ensure economic stability.

Senator Sani Musa urged Nigerians to endure, emphasizing that the government is working tirelessly to stabilize the economy. He reassured that the National Assembly is committed to supporting policies that will drive economic growth and provide relief to Nigerians.

“Our critical interactive session with you as managers of the economy is about economic growth. It’s about how we can get our policies to work. How we will support Nigerians.

“The National Assembly is very concerned because we are the representatives of the people. And we are obliged to ask what is happening. And this is the reason for the meeting,” he said.

He continued, “And we have heard from you. At least you have given us preambles of the activities going on and how our economy can get back on track.

“You are all aware of the obstructions our economy has had in the previous years. And it’s not going to be easy, that overnight, in 365 days or in one year of the coming administration, things will change. It will be gradual.

“And I believe that Nigerians will persevere. This is the only time we can all come together as Nigerians to give His Excellency, the President, all the needed support. In order to get us out of all the trouble we have been in.

“The indicators are showing that the economy is doing well. The only thing is that things are a bit difficult because it’s not easy for inflation that has gone up to go down like that. It takes time.”