On Monday, President Bola Tinubu admitted that the economic expansion and achievements of his administration had not yet resulted in a sufficient number of jobs for Nigerians.
At the opening ceremony of the 31st Nigerian Economic Summit (NES#31), which was organized by the Nigerian Economic Summit Group (NESG) in cooperation with the Federal Ministry of Budget and Economic Planning, Tinubu made this statement in Abuja on behalf of Vice President Kashim Shettima.
He gave the assurance that his administration was making every effort to close the gap in job creation, and he added that the solid mineral and agricultural sectors had been prioritized in order to boost employment and the economy.
“We are closing that gap,” he said, acknowledging that this growth hasn’t yet fully translated into enough jobs for our people.
“We are prioritizing solid minerals and agriculture, two industries that have enormous potential to boost our economy and generate jobs.
“We have partnered with other nations to teach our farmers, import cutting-edge farming equipment, and increase extension services throughout the country in order to move more quickly.
Our economy is based on agriculture, and we must use technology if we want to increase agricultural productivity. Better seed is absolutely necessary.
“The key to a successful agricultural intervention and, more crucially, improved agricultural practices is extension services. And that is about to happen.
The president acknowledged the Ministry of Solid Minerals Development’s contribution to the Federation Account and stated that the sector has significantly improved, with mineral title applications and related keys generating $12.58 billion in 2024.
This is an indication of the sector’s waking and the outcome of thoughtful reforms meant to maximize its potential.
“Restoring hope to the unemployed, the poor, the excluded, and the vulnerable remains our top priority as a people-oriented government,” he stated.
Nigeria presently produces an average of 1.8 million barrels of oil per day, according to Tinubu, who also stated that the administration is striving to reach two million barrels per day by the end of the fiscal year 2025.
Citing the recent scandal between Dangote Refinery and the Petroleum and Natural Gas Senior Staff Association of Nigeria (PENGASSAN), he emphasized the importance of safeguarding the interests of both domestic and foreign businesses.
“Aliko Dangote is not an individual; he is an institution and a prominent figure in Nigeria’s economic parliament,” he stated.
And how we behave with this gentleman will dictate how we are perceived by others.
If he had spent $10 billion on Google, Amazon, and Microsoft, he would likely be worth between $70 and $80 billion today.
However, he chose to invest in his nation, and we have an obligation to the next generation to zealously defend, advance, uphold, and safeguard the interests of this magnificent Nigeria.
In order to preserve our steadily improving economic fortunes, I would like to urge both the organized private sector and labor to exercise caution, reflection, and a stronger sense of patriotism when defining and enhancing the relationship between industry and labor. Holding the entire country hostage over a small labor dispute is not the point.
“Nigeria surpasses PENGASAN.” Nigeria is bigger than all of us combined. I’m not a partisan when I approach you. As a patriot, I am come to you to find answers to the problems facing our country.
The president reaffirmed that the current government has stabilized the macroeconomic climate while outlining the accomplishments of his administration’s policies.
Regardless of one’s position, there is broad agreement that our reforms have stabilized the macroeconomic environment, as evidenced by the fact that our economy grew from $309.5 billion in 2023 to $372.8 billion in 2024.
Additionally, we collected N25.2 trillion in 2024 compared to N19.9 trillion in 2023.
Additionally, as of August, it has surpassed the N18.32 trillion revenue target, reaching N27.8 trillion.
“These victories and initiatives are driven by our pledge to the country to increase Nigeria’s debt service to revenue ratio from 97% to a sustainable level.
In addition to the positive development that this ratio has now dropped to less than 50%, I’m pleased to report that Fitch upgraded Nigeria’s sovereign rating to B with a stable outlook as a result of our early-year performance.
“A figure that exceeds estimates from regional think tanks and multilateral organizations.”
In the same month, non-oil revenues climbed 411% year over year, while the tax-to-GDP ratio moved up from about 70% a few years ago to 13.5% presently.
“At 38.8%, our debt-to-GDP ratio is significantly below the 60% threshold set by the Fiscal Responsibility Act, as well as the 70% threshold set by the World Bank and ECOWAS.”
Tinubu urged states to support the Renewed Hope Agenda in order to work together to create a future in which all Nigerians can prosper.
“We will industrialize, industrialize, humanize our economy, stabilize prices and currency, and industrialize through technology, logistics, and power.”
He declared, “We will humanize governance so that every citizen feels valued and served.”
Mr. Olaniyi Yusuf, the NESG Chairman, had earlier praised the Federal Government for its brave actions, including tax reform, the unification of foreign exchange markets, and the elimination of fuel subsidies.
However, Yusuf noted that the effects of these reforms are being felt by millions of Nigerians.
He disclosed that in its most recent two Macroeconomic Outlook Reports, NESG has formulated a three-phase plan for economic transformation: acceleration, consolidation, and stabilization.
We can say that the stabilization phase is now coming to pass, albeit delicately and painfully.
However, even while stabilization is necessary, it cannot be the conclusion of our journey because it is not the destination. We run the risk of losing the progress that has been so valiantly gained if we stop here.
“The challenge at hand is to enter the consolidation phase with decisiveness, integrating reforms in ways that promote employment, growth, and inclusion while also establishing the groundwork for long-term change that ensures prosperity for all Nigerians.”
“Consolidation must provide us with direction, transforming fragile recovery into resilient, inclusive growth, if stabilization has given us breathing room.” We need to be intentional in order to consolidate,” he stated.
Yusuf also emphasized that the government must promote industrialization and business expansion, make infrastructure investments to boost competitiveness, and release investments.
maintain budgetary sustainability, promote inclusivity, fortify institutions, and tackle security as a reform-enabling factor.
He stated that “there must be structural transformation, human capital must be our catalyst, global competitiveness and resilience, security is the foundation for transformation,” in order to move the economy from consolidation to acceleration.
He pointed out that industrialization, infrastructure, investments, inclusion, and institutions must serve as Nigeria’s guiding principles as it contemplates both economic consolidation and acceleration.
