Chairman of Dangote Group, Aliko Dangote, has promised that the private sector will “invest heavily” in job creation initiatives.
He added that Nigeria’s economy could turn around “within a few months” as “things are not that bad”.
The business mogul expressed the optimism after President Bola Tinubu inaugurated a 31-member Presidential Economic Coordinating Council at Aso Rock Villa, Abuja, on Thursday.
Thursday’s inauguration comes three months after the President created the committee on March 27, 2024.
The committee consists of Tinubu, Vice President Kashima Shettima, Senate President Godswill Akpabio, Chairman of the Nigerian Governors Forum, Governor Abdulrahman Abdulrazaq of Kwara State and Governor of the Central Bank of Nigeria, Yemi Cardoso.
The PECC is also made up of 13 people drawn from the organized private sector, including the Chairman of the Dangote Group, Aliko Dangote; The president of UBA, Mr. Tony Elumelu; The founder of BUA, Abdulsamad Rabiu, among others, who would serve on the Council for one year.
Speaking, Dangote said, “The private sector and the public sector will actually work together to ensure that we improve a lot of our people…we will sit down and advise the government on the issue of policies that the government should roll over.
“We have most of these things. They have already been repeatedly discussed. It is a matter of implementation. I think the choice of people who are in PECC is good enough to advise the government on how to implement it.
“Ours from the private sector is to invest a lot and create jobs. The government does not really create jobs; what they do is give us the right policies. I keep saying our issues are not that bad, this economy can turn around in a few months and I think we are on that path. I thank the President for inaugurating this council. We will start work immediately and I assure you that you will see many changes coming.”
Meanwhile, Tinubu said his administration is determined to increase crude oil production to two million barrels per day in the coming months and generate more electricity for Nigerians.
He described Nigeria’s current electricity generation and crude oil production as ’embarrassing’.
Tinubu told the private sector players, “As a nation, it is so embarrassing that we have about 4.5 gigawatts. We also need to increase our oil production to 2 million barrels per day within the next few months. Remove all barriers to investment in this sector to increase competition. We have had a challenge and we all have to be careful.
Despite being Africa’s largest oil producer, Nigeria has recently struggled to meet its OPEC production quotas.
The government has blamed challenges such as pipeline vandalism, oil theft and operational inefficiencies for the ongoing shortages.
For example, in May 2024, crude oil production averaged just 1.25 million barrels per day, well below the OPEC+ quota and the government’s target of 1.7 million barrels per day for budget purposes.
Similarly, Nigeria’s power generation capacity has remained extremely low – 4.5 gigawatts – which is insufficient for the industrial needs of its over 200 million citizens. This has contributed to frequent power outages and stifling economic productivity.
However, Tinubu says his administration is “determined” to partner with the private sector to overcome these obstacles.
“We are facing the change of energy security; we must work together to include power, oil and gas to increase our grid electricity. We are determined to do this with your cooperation, collaboration and recommendation,” he said.
The president also highlighted food security, describing it as “essential”. He recalled his policies from months ago, saying: “I have declared a state of emergency for food security and we have to grow our main crops from small farmers; we will improve mechanization”.
Citing the Sokoto-Badagry road announced at the last Federal Executive Council meeting on June 25, Tinubu expressed hope that part of his administration’s infrastructural development is “within the realm of possibility”.
“If you look at the Sokoto-Badagry road, there are about 36 dam sites from which we can get electricity and generate additional power, help agriculture and create farmland.
“I’m ready to listen to you on all of this. You’ve seen us closely, but we are one. We feel that the market falls differently, including the price of food and all that.
“I believe that Bismarck Rewane will be able to make additional suggestions about what we lack and what we need to do to stabilize this economy. The Production Stabilization Fund, MSMEs as well, and other fiscal measures have been passed on; I just want to say thank you for answering this call,” he said.
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