According to PUNCH NEWS Aliko Dangote, Chairman of the Dangote Group, expressed optimism that Nigeria's economy could improve significantly within a few months, given that the issues are manageable. He pledged heavy investment from the private sector to create jobs and stimulate economic growth. This statement came after President Bola Tinubu inaugurated a 31-member Presidential Economic Coordination Council (PECC) at the Aso Rock Villa in Abuja.
The PECC, established three months prior, includes prominent figures such as Vice President Kashim Shettima, Senate President Godswill Akpabio, and Central Bank Governor Yemi Cardoso. It also features 13 private sector representatives, including Dangote, UBA Chairman Tony Elumelu, and BUA Founder Abdulsamad Rabiu, who will serve on the council for one year.
Dangote highlighted the importance of collaboration between the private and public sectors to improve the lives of Nigerians, emphasizing the need for effective policy implementation. He assured that the private sector would invest heavily and create jobs, while the government would provide the right policies to facilitate these efforts.
President Tinubu, during the council's inauguration, stated his administration's goal to increase crude oil production to two million barrels per day and boost electricity generation. He criticized Nigeria’s current power generation and oil production levels as insufficient, attributing the challenges to pipeline vandalism, oil theft, and operational inefficiencies.
Despite Nigeria's struggles to meet its OPEC production quotas, with crude oil production averaging only 1.25 million barrels per day in May 2024, Tinubu expressed determination to partner with the private sector to overcome these hurdles. He emphasized the need to enhance power generation and secure food supplies, pointing to initiatives like the Sokoto-Badagry road project, which could generate additional electricity and support agriculture.
Tinubu also mentioned the importance of improving mechanization and supporting smallholder farmers to increase staple crop production. He assured that his administration is committed to addressing these issues and called for collaboration and recommendations from private sector leaders like Bismarck Rewane to stabilize the economy and support infrastructural development.