On Thursday, President Bola Tinubu inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme. This initiative aims to secure food supplies, improve power infrastructure, enhance social welfare And healthcare, boost energy production, and drive overall economic transformation.
During the inaugural meeting held at the Council Chambers in Abuja, President Tinubu, who chairs the 31-member Council, emphasized the necessity of innovative solutions to Nigeria’s economic challenges. He highlighted the critical role of public-private partnerships in fostering economic reforms.
“We face significant challenges in ensuring energy security in Nigeria. We need collective efforts to enhance our oil and gas sector and increase electricity generation and distribution nationwide,” President Tinubu stated. “It is shameful that we are still generating only 4.5GW of electricity. We must increase our oil production to two million barrels per day in the coming months and remove all barriers to investments in the energy sector to enhance competitiveness.”
President Tinubu outlined several concurrent measures under the Economic Stabilization Programme, aiming to stabilize the economy, create jobs, and ensure economic security:
Increase on-grid electricity from 4.5 gigawatts to 6 gigawatts within six months.
Boost oil production to 2 million barrels per day within 12 months.
Remove barriers to entry for investments in the energy sector to enhance competitiveness.
Increase staple crops grown by smallholder farmers from 127 million MT in 2023 to 135 million MT this year.
Partner with large-scale commercial farmers to bolster production.
Provide satellite imagery for land use planning, crop rotation, and agricultural expansion monitoring.
Make essential medicines available at lower costs for 80-90 million Nigerians.
Expand healthcare insurance coverage for 1 million vulnerable individuals via a Vulnerable Group Fund in collaboration with state governments.
Redeploy 20,000 healthcare workers to provide services to 10-12 million patients in high-need areas.
Power 4,800 primary healthcare centres, secondary, and tertiary hospitals using renewable energy sources.
Support new and existing youth-owned enterprises across all 36 states, creating 7,400 MSMEs within 6-12 months.
Provide N650 billion in lower-cost short-term facilities to youth-owned businesses, manufacturers, and MSMEs across various industries based on current and future receivables, company rating, and market demand for products.
Rejuvenate up to 250 companies and provide lower-cost long-term facilities to manufacturers producing for domestic and export markets.
Establish a Grow Nigeria Development Fund with single-digit interest rate loans in partnership with the Bank of Industry and sub-national governments to grow MSMEs.
Develop 300 new MSMEs for each state and the Federal Capital Territory, resulting in 11,100 new rural-base MSMEs.
Support the construction of an additional 25,000 housing units to provide affordable housing for all segments impacted by the cost-of-living challenge.
These fiscal measures aim to enhance access to finance for MSMEs and create 4.7 million direct and indirect jobs over a 6-12 month period.
Vice-President Kashim Shettima, who serves as the Vice-Chairman of the Council, emphasized the administration’s commitment to solving the nation’s economic challenges rather than assigning blame. “When there is a will, there is always a way, and the President believes in preparing solutions, not apportioning blame,” he said.
Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, presented the highlights of the Accelerated Stabilization and Advancement Plan. This plan, previously submitted to the President, addresses economic issues to be resolved in 2024 by sub-committees focusing on agriculture, energy, health, social welfare, and business support.
The PECC includes prominent figures such as the Senate President, the Speaker of the House of Representatives, the Chairman of the Nigeria Governors Forum, twelve ministers, and the Governor of the Central Bank of Nigeria. Additionally, members from the organized private sector include Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdul Samad Rabiu, Ms. Amina Maina, Mr. Segun Ajayi-Kadir, Dr. Funke Opeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.
