Vanguard reports that President Bola Tinubu expressed his dissatisfaction with Nigeria's current electricity generation capacity, which stands at 4.5 GW despite the country's substantial size. Tinubu made these remarks during the inauguration of a 31-member Presidential Economic Coordination Council at the Council Chamber, Presidential Villa Abuja.
He emphasized the urgent need for creative solutions to tackle Nigeria's economic challenges and the critical role that public-private partnerships play in advancing comprehensive economic reforms. Tinubu also addressed the members of the council, highlighting the importance of improving energy security in Nigeria, calling for coordinated efforts to revive the oil and gas industry, and stressing the necessity of increasing electricity generation and distribution.
"To address this issue, we need to work closely together, utilizing your knowledge and perspectives," Tinubu declared. He set forward bold objectives, such as boosting oil production to two million barrels per day in the upcoming months and removing obstacles to investment in the energy industry to boost competitiveness. In his speech, Tinubu reaffirmed his dedication to aggressive economic measures meant to promote sustainable growth and revive important industries.
The president's appeal for increased collaboration and strategic changes is indicative of a concerted attempt to get over enduring obstacles and set up Nigeria for strong economic expansion. An important turning point in Nigeria's economic strategy is marked by the establishment of the Presidential Economic Coordination Council, which will prioritize targeted changes to increase the country's prosperity and resilience as well as collaborative governance.
"We have the difficulty of energy security in Nigeria," he said. In addition to increasing the production and distribution of power across the nation, we must collaborate to strengthen our oil and gas industry. With your help, suggestions, and cooperation, we're determined to accomplish that. It is so embarrassing for us as a country that we still produce 4.5 GW of electricity. The President declared, "We are resolved to remove all entrance obstacles to investors in the energy industry while boosting competitiveness. We must increase our oil production to two million barrels per day within the next few months."