President Tinubu expressed deep disappointment in Nigeria's current electricity generation capacity of only 4.5GW, asserting that this is unacceptable for a country of Nigeria's size and stature.
According to Vanguard News, he said, "We have the challenge of energy security in Nigeria. We need to work together to improve our oil and gas sector, and we must also increase electricity generation and distribution throughout the country. ‘We are determined to do that with your cooperation, collaboration, and recommendations. As a nation, it is so shameful that we are still generating 4.5GW of electricity."
He emphasized the critical need for innovative solutions and stronger public-private collaboration to address the country's pressing economic challenges, particularly in the energy, oil and gas, and electricity sectors.
To tackle these issues, the President outlined an ambitious Economic Stabilization Programme. Key elements include rapidly increasing on-grid electricity delivery from 4.5GW to 6GW within the next 6 months, boosting oil production to 2 million barrels per day over the next year, and removing barriers to investment in the energy sector to drive greater competitiveness.
Additional measures under the programme focus on supporting small-holder farmers to grow staple crop production, improving access to essential medicines and expanding healthcare coverage for vulnerable populations, and providing critical financing solutions for youth-owned businesses, MSMEs, and the manufacturing industry through various new funds and facilities.
The President emphasized that these wide-ranging fiscal interventions are geared towards enhancing access to finance for MSMEs, which in turn is expected to create 4.7 million direct and indirect jobs over the next 6 to 12 months. This reflects the administration's steadfast commitment to driving economic growth, job creation, and overall prosperity for the Nigerian people.