Aliko Dangote, Chairman of the Dangote Group, has expressed confidence that Nigeria’s economy can experience a significant turnaround within a few months. He attributed this potential recovery to the collaborative efforts between the private and public sectors, particularly in job creation initiatives.
Following the inauguration of a 31-member Presidential Economic Coordination Council (PECC) by President Bola Tinubu at Aso Rock Villa, Abuja, Dangote shared his optimistic outlook. The council was established to drive economic policies and foster cooperation between government and private entities.
The PECC, inaugurated on Thursday, comprises key government officials and notable private sector leaders, including Vice President Kashim Shettima, Senate President Godswill Akpabio, and Central Bank Governor Yemi Cardoso. Prominent business figures such as UBA Chairman Tony Elumelu and BUA Founder Abdulsamad Rabiu also serve on the council, alongside Dangote.
Dangote emphasized the importance of implementing well-discussed policies and assured that the private sector is prepared to invest heavily to create jobs. “The private sector and the public sector will work together to improve the lives of our people. We will advise the government on the right policies to roll out,” he stated. Dangote believes that with the right implementation, Nigeria’s economic challenges can be addressed swiftly.
In his remarks, President Tinubu outlined his administration’s goals to increase crude oil production to two million barrels per day and enhance electricity generation. He described the current state of power generation and oil production as “shameful” and emphasized the need to remove barriers to investment in these sectors.
Despite being Africa’s largest oil producer, Nigeria has struggled to meet its OPEC quotas, with production averaging 1.25 million barrels per day in May 2024, falling short of the government’s target of 1.7 million bpd. Challenges such as pipeline vandalism and operational inefficiencies have been cited as key issues.
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Nigeria’s power generation capacity remains critically low at 4.5 gigawatts, insufficient for its population of over 200 million. Frequent power outages have hindered economic productivity. Tinubu stressed the necessity of partnering with the private sector to overcome these obstacles and improve energy security.
The President also highlighted the importance of food security and infrastructure development. He mentioned the potential of the Sokoto-Badagry road project to generate additional electricity and support agriculture, thereby boosting the economy.
President Tinubu concluded by expressing his willingness to listen to suggestions from council members and private sector leaders to stabilize the economy. He acknowledged the contributions of Bismarck Rewane and other experts in shaping the administration’s economic policies.
