President Bola Ahmed Tinubu has expressed disappointment over Nigeria’s low electricity generation, describing it as “shameful” that the country still produces only 4.5GW of electricity despite its vast size.
Speaking at the inauguration of the Presidential Economic Coordination Council, Tinubu emphasized the need for collaborative efforts to address the nation’s economic challenges, particularly in the energy sector.
The President unveiled the Economic Stabilization Programme, which aims to increase electricity generation to 6GW in six months, boost oil production to 2 million barrels per day by next year, and enhance competitiveness in the energy sector. The programme also focuses on agriculture, health, and social welfare, with initiatives to increase food production, improve access to healthcare, and provide support for small-scale farmers and vulnerable individuals.
Tinubu announced fiscal measures to improve access to finance for MSMEs, manufacturers, and the housing sector, creating 4.7 million direct and indirect jobs over six to 12 months. These measures include a N650 billion facility for youth-owned businesses, a Manufacturing Stabilization Fund, and a Mortgage Finance Acceleration Facility to support affordable housing.
“We are determined to do this with your cooperation, collaboration, and recommendations,” Tinubu said. “We must increase our oil production and enhance competitiveness in the energy sector.”
