The Independent Media and Policy Initiative (IMPI), says Nigeria’s economy did remarkably well in the first quarter of 2024 under President Bola Tinubu in spite of criticisms.
Chief Niyi Akinsiju, the Chairman, IMPI said this at a news conference on Monday in Abuja.
He said following government economy reforms, Nigeria had bounce back an economic giant waiting to take its position in the sun.
This, he said, was in spite the fact that the country had remained stunted over the years because of policy misapplications.
“Already, we have started witnessing the green shoots of the impact of the policy deployments on the economy,” he said, adding that the periodic under review witnessed commendable strides in the oil and gas sector.
These, he said, included the domiciling of Nigeria National Petroleum Corporation Limited (NNPCL) revenue account with the Central Bank of Nigeria (CBN), which had facilitated a truly single treasury account platform for the country’s oil earnings.
“In addition, in a continued upward trajectory witnessed in oil and gas exploration activities, oil rig count, an index with which upstream activities are measured, surged by 23 per cent year-on-year to 16 rigs in February 2024.
“The increased rigs activities have resulted in higher crude oil production inclusive of condensates averaging 1.65 million barrels a day as per last quarter.
“While this has positive prospects for accretion to our foreign reserve, we estimate that crude oil production should increase to 1.8 million barrels a day
“Which is more than the 1.78 million crude oil production target projected in the 2024 federal budget, by the end of the second quarter of 2024,” the IMPI chairman said.
He said the government had taken the economy a notch higher with the introduction of the Consumer Credit Scheme known as The Nigerian Consumer Credit Corporation (CrediCorp).
This, he said, had the potentials to improve consumption capacity for Nigerians, resulting in expanded productive capacity for the manufacturing sector.
“This implies that you do not need to wait until you have saved so much to purchase what you desire.
“The establishment of the Credit Scheme and the extension of payment of Social Security to NCE graduates upward with a commitment of N100bn by the President.
“And the approval of Social Security Unemployment Programme to alleviate economic difficulties for unemployed youths.
“Are part of the actions and decisions of the Tinubu administration within the first quarter of the year, which we consider to be courageous, timely and commendable,” Akinsiju said.
He called on the media to sensitise and encourage them to register for BVN and NIN to enable them benefit from government’s social security programmes.
He also advised government on the urgent need to rejig its cash transfer programmes to ensure effectiveness, transparency and accountability.
He said the group was delighted to note that the Compressed Natural Gas (CNG) powered transportation system had become a reality as promised by the president.
This, he added was especially as Nigeria had now joined the group of nations with fleets of CNG vehicles.
Akinsiju said this was as all was now set for the launch and deployment of the first set of mass-transit CNG vehicles and tricycles across the 36 states of the federation and the Federal Capital Territory (FCT) in May, 2024.
He said the eco-friendly vehicles would transport commuters at reduced cost, provide thousands of job opportunities for our youths, and improve the standard of living of the people.
He added that in the immediate, the Federal Government was growing stronger on opening up and truly liberalising the Nigerian national economy from the fetters of the past.
He further added that this had reflected in the market-determined movement of the naira in the foreign exchange market.
He said with the situation at the parallel market, the naira was now competing favourably with other world currencies and continued to affirm its place as one of the best performing currencies globally.
“On the revenue side, the removal of fuel subsidy has become a financial elixir for the hitherto constricted revenue earning capabilities of the national economy.
“Nigerians are now witnesses to the monthly spectacle of Federation Accounts Allocation Committee’s (FAAC) sharing and savings never-before-earned revenue among the three tiers of government.
“Which has averaged N250bn monthly, thereby enhancing the Federal, States and Local Government Areas capacity to pay workers’ salaries and provide critical infrastructure.
“While the economy is gaining much needed momentum in the enunciated areas as recorded in the first quarter of the year,” he said.
He said the group however, observed with mixed feelings, rocketing food prices which continued to manifest in high headline inflation rate recorded at 33.2 per cent, driven by a 40.01 per cent food inflation rate in March.
He said in spite of the increase in food prices, the conscious efforts of President Bola Tinubu to rejig the economy and ensure food security through massive investment in agriculture must be encouraged.
He commended the administration for funding the ongoing dry season cultivation of 120,000 hectares of farmland for the production of wheat.
He noted that this aggressive push to boost food production was a confirmation of the president’s seriousness on his declaration of State of Emergency on Food Security on July 13th 2023.
He also commended Jigawa government for allocating 80,000 hectares of land to the Presidential initiative on wheat, and the Government of Kano and Kaduna States for making available the remaining 40,000 hectares.
