The Central Bank of Nigeria (CBN) has given fresh hope to Nigerians, asserting that the economy will emerge strong from its current challenges.
The Governor of the CBN made this statement during his recent address at an emergency session of a National Assembly Joint Committee on Finance, highlighting the positive impacts of tough decisions made over the past year.
Represented by his Deputy on Economic Policy, Mr. Muhammad Abdullahi, Mr. Olayemi according to him: “In spite of the ailing economy, the tough decisions taken over the last 12 months have started addressing the decades-long issues,”. This reassurance comes amid widespread concerns about the country’s economic future.
Further adding to the optimism, the Chief Executive Officer (CEO) of the Nigerian National Petroleum Company (NNPC) Limited, Mr. Mele Kyari, announced significant progress in the nation’s refining capabilities. He confirmed that the Port Harcourt Refinery is set to commence production by early August, while the Kaduna Refinery will begin operations by December.
Mr. Kyari, who had previously set several dates for the Port Harcourt Refinery’s start-up, stressed his commitment to the new timeline, stating, “I am not lying.”
He also highlighted the role of the Dangote Refinery in achieving Nigeria’s ambitious target of producing two million barrels per day. He projected that by December, Nigeria would not only meet its domestic needs but also become a net exporter of petroleum products.
In parallel, Minister of Budget and National Planning, Mr. Atiku Bagudu, reported on the implementation of the 2024 Budget. He noted that ongoing negotiations with labour leaders regarding the minimum wage aim to prevent further economic disruptions. He stressed the government’s dedication to stabilising the economy and ensuring the welfare of its citizens.
These developments reflect a concerted effort by Nigerian authorities to address long-standing economic issues and foster a resilient economic environment. As the country navigates its economic recovery, the government’s strategic measures and industry advancements signal a potentially stronger and more self-reliant future for Nigeria.
