President Bola Tinubu expressed disappointment that Nigeria, despite its size, still generates only 4.5GW of electricity. He emphasized the need for innovative solutions and public-private partnerships to drive economic reforms.
To address energy security, the President announced measures to increase oil production to 2 million barrels per day and electricity generation to 6 gigawatts in six months. He also aims to remove barriers to investment in the energy sector.
The Economic Stabilization Programme includes initiatives to enhance agriculture, food security, health, and social welfare. The program aims to increase staple crop production, support farmers, and expand healthcare insurance coverage.
Fiscal measures include supporting youth-owned enterprises, MSMEs, and manufacturers with lower-cost facilities and financing. The President also announced a Manufacturing Stabilization Fund, a Sub-national Matching Fund, and an expansion of the Bank of Industry’s Rural Development Programme.
These initiatives aim to create 4.7 million direct and indirect jobs over six to 12 months, improve access to finance, and enhance economic security. The President emphasized the importance of collaboration and cooperation to achieve these goals.
