The Nigerian Economic Summit Group,says at least 90 per cent of eligible electricity customers in the country would have been metered by next year.
The group revealed this during the unveiling of the ‘Arc of the Possible’, a new roadmap to drive Nigeria’s economic development in Nigeria.
The group’s Chief Executive Officer, Dr.Tayo Aduloju, who unveiled the new strategy in Abuja recently, also said by next year, crude oil production would have increased to 2.5 million barrels per day, and there would be at least 40 per cent increase in gas production
The NESG also targets that by 2026, the tonnage being transported through the railway would be doubled, and there would be full operationalisation of the concession of the seven highways.
“For essential intermediate goods, a phased reduction of trade barriers will lower production costs for firms, enabling them to price products more competitively,” the NESG said, adding that removing these barriers will not only reduce inflation but also enhance economic efficiency, resilience and long-term growth potential.
The government in the short term 2025 to 2026, should focus on creating a positive investment climate, tackling food sovereignty as well as insecurity, stressing that within the same period, the government should focus on improving sectors like energy, agriculture, technology, infrastructure and trade, NESG said.
“The target is that within the short term of 2025 to 2026, there would be at least 20 per cent growth in the real GDP of the ICT sector, at least 40 per cent of citizens and business interactions with government would have been automated while broadband penetration would hit at least 70 per cent by 2026.
“It also targets that within the short term, the government would have reduced post harvest losses by 50 per cent, increased production of top five crops by 20 per cent and reduced food imports by 50 per cent.
In its economic outlook for 2025, the NESG had said that a stronger economic trajectory is critical for bolstering private sector participation, safeguarding living standards, and mitigating the impact of rising economic uncertainty.
It noted that achieving robust growth presents a formidable challenge that necessitates a rethink of current and prospective reform strategies.
It highlighted three pivotal reform priorities for 2025 which include achieving stable and moderate inflation through strengthening fiscal discipline by boosting revenues through progressive tax reforms, reducing wasteful expenditures, and redirecting subsidy removal gains into targeted social programmes; enhancing the monetary policy transmission mechanism for sustainable price stability and lifting import bans and reducing tariffs on essential goods to address supply-side constraints and stabilise prices.
The other is boosting foreign exchange liquidity and stabilising forex rates by streamlining trade processes, enhancing remittance inflows through digitalisation, and maintaining a credible monetary policy framework to build investor confidence and ensure exchange rate stability.
The third priority reform area, according to the NESG, is improving fiscal performance and reducing debt vulnerabilities.
Speaking with journalists,
Aduloju expressed support for the transition of the Nigerian National Petroluem Company Limited into a public listed entity.
He stated that the initiative would promote transparency and accountability as well as ensure compliance with international corporate governance standard requirements, which would benefit all Nigerians.
He said: “I am a strong proponent of taking NNPC public. It will make it more transparent. So any move towards that direction, is very much welcome.
“The more transparent it is, the more it complies with international corporate governance standard requirements, and very likely NNPC will work better for all Nigerians.”
Acknowledging that the journey towards NNPC’s public listing is complex and long, he explained that Saudi Aramco transformation started some years ago with initial steps similar to those NNPC is currently considering.
He added:”It is a long process to get NNPC to Saudi Aramco.But Saudi Aramco started their journey many years ago.They began with a process like this”.
