President Bola Tinubu, on Monday, said his administration is working towards achieving two million barrels per day by the end of the 2025 fiscal year.
Tinubu, represented by the Vice President, Kashim Shettima, disclosed this in Abuja at the opening ceremony of the 31st Nigerian Economic Summit (NES#31) organised by the Nigerian Economic Summit Group(NESG) in collaboration with Federal Ministry of Budget and Economic Planning.
He emphasized the need to protect the interests of both local and foreign investors, citing the recent embroglio between Aliko Dangote Refinery and the Petroluem and Natural Gas Senior Staff Association of Nigeria(PENGASSAN).
He said: “Aliko Dangote, he’s not an individual, he’s an institution, and he’s a leading light in Nigeria’s economic parliament.
“And how we treat this gentleman will determine how outsiders will judge us. If he had invested $10 billion in Microsoft, in Amazon, in Google, probably he might be worth $70 to $80 billion by now.
“But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and protect the interests of this great Nigeria.
“I wish to call for caution, retrospection, and a deeper sense of patriotism from both the labour and the organised private sector in defining and improving the relationship between labour and industry in the interest of maintaining our steadily improving economic fortunes. It’s not about holding the whole nation to ransom because of a minor labour dispute.
“Nigeria is greater than PENGASAN.Nigeria is greater than each and every one of us. I’m not coming to you as a partisan.I am coming to you as a patriot in search of solutions to our national challenges.”
He acknowledged that the economic growth and gains recorded by his administration, have not yet fully translated into enough jobs for Nigerians.
He assured that his administration was working assiduously to close the job creation gap, adding that agriculture and solid minerals sectors have been given priorities to create jobs and strengthen the economy.
He said: “I admit that this growth has not yet fully translated into enough jobs for our people, but we are closing that gap.
“We are giving priority to agriculture and solid minerals, two sectors with great potential to create jobs and strengthen our economy.
“To move faster, we have entered into partnerships with other countries to bring in modern farming equipment, train our farmers, and expand extension services across the nation.
“Agriculture is the bedrock of our economy, and for us to have enhanced agricultural output, we have to embrace technology. Improved seed is absolutely essential.
“Extension services is an ingredient for successful agricultural intervention, and most importantly, better agricultural practices. And we are poised to see that.”
The President, who acknowledged the contribution of the Ministry of Solid Minerals Development to the Federation Account, said it has improved remarkably with the sector generating $12.58 billion in 2024 through mineral title applications and related keys.
“This is a sign of the sector’s awakening and the result of deliberate reforms aimed at unlocking its full potential.
“As a people-orientated government, our priority remains restoring hope to the unemployed, the poor, the excluded, and the vulnerable,” he said.
Tinubu announced that Nigeria is currently
producing an average of 1.8 million barrels of oil per day, adding that the administration is working towards achieving two million barrels per day by the end of the 2025 fiscal year.
He underscored the need to protect the interests of both local and foreign investors, citing the recent embroglio between Aliko Dangote Refinery and the Petroluem and Natural Gas Senior Staff Association of Nigeria(PENGASSAN).
He said: “Aliko Dangote, he’s not an individual, he’s an institution, and he’s a leading light in Nigeria’s economic parliament.
“And how we treat this gentleman will determine how outsiders will judge us.
“If he had invested $10 billion in Microsoft, in Amazon, in Google, probably he might be worth $70 to $80 billion by now.
“But he opted to invest in his country, and we owe it to future generations to jealously protect, promote, preserve, and protect the interests of this great Nigeria.
“I wish to call for caution, retrospection, and a deeper sense of patriotism from both the labour and the organised private sector in defining and improving the relationship between labour and industry in the interest of maintaining our steadily improving economic fortunes. It’s not about holding the whole nation to ransom because of a minor labour dispute.
The President, who spelt out the achievements of the reforms of his administration, reiterated that the present administration has stabilised the macroeconomic environment.
He said: “Wherever you stand, there is a resounding consensus that our reforms have stabilised our macroeconomic environment, with our economy expanding to $372.8 billion in 2024, up from 309.5 trillion in 2023.
“Our total revenue collection also rose from 19.9 trillion Naira in 2023 to 25.2 trillion Naira in 2024.
“And as of August, it has reached 27.8 trillion Naira, surpassing the revenue target of 18.32 trillion Naira.
“These triumphs and projections are guided by the promise we have made to the nation, to grow Nigeria’s debt service to revenue ratio from 97% while we make it to a sustainable level.
“Aside from the good news that this ratio has now reduced to less than 50%, I am proud to share that this performance in our early days in office inspired pitch to upgrade Nigeria’s sovereign rating to B with a stable outlook.
“A number which surpasses projections from multilateral agencies and local think tanks.
“Non-oil revenues increased by 411% year-on-year in the same month, while the tax-to-GDP ratio now nudges towards 13.5%, up from barely 70% a few years ago.
“Our debt-to-GDP ratio now stands at 38.8%, far below the limits set by the Fiscal Responsibility Act of 60%, and those of ECOWAS and World Bank is 70%.”
Tinubu, called on States to align with the Renewed Hope Agenda in the collective pursuit of a future where every Nigerian can thrive.
“We’ll stabilise, we’ll industrialise, we’ll humanise our economy, we’ll stabilise prices and currency, and we will industrialise through power, logistics, and technology.
“We’ll humanise governance so that every citizen feels respected and served,” he said.
Speaking, Chairman of the NESG, Mr. Olaniyi Yusuf, noted that the Federal Government has taken courageous steps such as the removal of fuel subsidies, the unification of foreign exchange markets, and tax reform.
He said that millions of Nigerians are carrying the weight of these reforms.
He revealed that NESG in its last two Macroeconomic Outlook Reports, has developed a roadmap to economic transformation built on three phases — Stabilisation, Consolidation, and Acceleration.
“Today, we can say the stabilisation phase is materialising, albeit painfully and with fragility.
“But stabilisation, as necessary as it is, is not the destination and so cannot be the end of our journey. If we stop here, we risk losing the progress that has been so courageously won.
“The challenge before us is to move decisively into the consolidation phase, embedding reforms in ways that drive jobs, growth, and inclusion, while simultaneously laying the foundations for long-term transformation that secures prosperity for every Nigerian.
“If stabilisation has given us breathing space, consolidation must give us direction — turning fragile recovery into resilient, inclusive growth.To consolidate, we must be deliberate,” he said.
Yusuf further emphasized the need for government to drive industrialisation and enterprise growth; invest in infrastructure for competitiveness;unlock investments;
ensure fiscal sustainability;advance inclusion; strengthen institutions and address security as an enabler of reform.
To move the economy from consolidation to acceleration, he noted that “there must be structural transformation,human capital must be our catalyst, global competitiveness and resilience, security is the foundation for transformation.”
He noted that as Nigeria considers
both consolidation and acceleration of the economy, that it must be guided by industrialisation, infrastructure, investments, inclusion and institutions.