Tinubu: 4.5GW Electricity Generation is Shameful for Nigeria
President Bola Tinubu called it shameful that Nigeria, despite its size, still only generates 4.5GW of electricity. He shared his disappointment while inaugurating a 31-member Presidential Economic Coordination Council, emphasizing the need for innovative solutions and public-private partnerships to address the country’s economic issues.
He highlighted the energy security challenge and the need to improve the oil and gas sector and increase electricity generation and distribution. He stated, “As a nation, it is shameful that we are still generating 4.5GW of electricity.”
Tinubu aims to boost oil production to 2 million barrels per day within a few months and remove barriers to investment in the energy sector to enhance competitiveness.
He announced measures to stabilize the economy, create jobs, and ensure economic security through the Economic Stabilization Programme, which focuses on increasing on-grid electricity from 4.5GW to 6GW in six months and boosting oil production to 2 million barrels per day within 12 months.
In agriculture, the goal is to increase staple crop production from 127 million MT in 2023 to 135 million MT this year by partnering with larger-scale commercial farmers and supporting qualified farmers with satellite imagery for better land use planning and crop rotation.
In health and social welfare, the plan includes making essential medicines affordable for 80-90 million Nigerians, expanding healthcare insurance for 1 million vulnerable people, redeploying 20,000 healthcare workers to serve 10-12 million patients, and powering 4,800 primary healthcare centers and hospitals with renewable energy.
Fiscal measures include improving access to finance for the housing sector, MSMEs, and the manufacturing sector. The government will support new and existing youth-owned enterprises, creating 7,400 MSMEs in 6-12 months, and provide a N650 billion facility for youth-owned businesses, manufacturers, and MSMEs in various industries.
A Manufacturing Stabilization Fund will support 250 companies with lower-cost, long-term facilities, and a Grow Nigeria Development Fund will help develop rural economies by creating 300 new MSMEs per state.
Additionally, a Mortgage Finance Acceleration Facility will support affordable housing construction, aiming to build 25,000 new housing units.
These fiscal measures are expected to improve access to finance for MSMEs and create 4.7 million direct and indirect jobs over the next 6-12 months.
