Nigerians have been assured of better days soon as the economic situation would be turned around.
The assurances were handed down on Monday by Nigerian National Petroleum Company Limited (NNPCL), Central Bank of Nigeria (CBN) and some other critical stakeholders, on Monday in Abuja, during interactive session with the joint committees of the National Assembly on Finance.
The discussants hinged their claims on emerging indicators in the oil and gas sector which showed that the nation would commence exportation of refined crude b fire long.
The Group Executive Officer of NNPCL, Mela Kyari, stated in his presentation that based on emerging indicators in the Energy and Gas sector, Nigeria would be a net exporter of petroleum by December this year.
The meeting was attended by Ministers of Finance, Wale Edun, Budget and National Planning, Senator Atiku Bagudu, Minister of State Petroleum, Senator Heineken Lokpobiri, and the Governor, Central Bank of Nigeria, Yemi Cardoso.
Kyari told the committee led by Senator Sani Musa (APC Niger East) the Port Harcourt refinery would commence production early next month, while the Warri refinery would start production months after.
He added that the Kaduna refinery would begin production latest by December this year.
Besides, Kyari disclosed that in a few months’ time, the country’s oil production level would hit 2 million barrels per day as all enablement towards that has already been put in place.
He said: “Mr. Chairman and members of the Joint Committee, let me just give confirmation that NNPCL and the oil and gas industry is very critical in bringing a turnaround in our current economic situation, and we understand the importance of this. We are taking every step that is practical for us to achieve this..
“We have already seen growth in our oil and gas production because of certain actions that Mr. President personally took, and also the very mere truth that we have also declared a war on production activities, and this is yielding the required results.
“The combination of these two has now seen us restoring production in our country, and we believe that, as the Honorable Minister has said, we will soon hit the target of 2 million barrels oil production per day.
“I’m aware that there are several comments in the public space around refining business and domestic production, including production that will come from the commissioned Dangote refinery.
“Yes, this country, as we have said, will be a net exporter of petroleum products by the end of this year.
“We’re very optimistic that by December , this country will be a net exporter. That means a combination of production coming from us, and also from Dangote refinery and other smaller producing companies that we know are in line to do this.
“So, I can confirm to you, Mr. Chairman, that by the end of the year, this country will be a net exporter of petroleum products.
“Specific to NNPC refinery. We have spoken to a number of your committees that it is impossible to have the Kaduna refinery come to operation before December, it will get to December. Both Warri and Kaduna but that of Port Harcourt , will commence production early August this year.”
The CBN Governor, who was represented by Deputy Governor (Economic Policy) Muhammad Sani Abdullahi, assured that the triple challenges of rising inflation, foreign exchange rate fluctuations and food inflation would take a downward trend soon since the indicators to that effect are already emerging.
In his submission, the Minister of Budget and National Planning, Atiku Bagudu explained that the 2024 budget is already being implemented, disclosing that there’s ongoing negotiation with Labour leaders on Minimum wage to prevent further disruptions to the economy.
Senator Sani Musa, chairman of the Committee, appealed to Nigerians keep holding on, assuring the government is working ceaselessly to stabilize the economy.
He said: “Our critical interactive session with you as managers of the economy is about economic growth. It’s about how we can get our policies to work. How we will support Nigerians.
“The National Assembly is very concerned because we are the representatives of the people. And we are obliged to ask what is happening. And this is the reason for the meeting .
“And we have heard from you, at least, you have given us preambles of the activities going on, on how our economy can get back to track.
“You are all aware of the obstructions our economy had had in the previous years. And it’s not going to be easy that overnight, in 365 days or in one year of the coming administration, things will change. It will be gradual.
“And I believe that Nigerians will persevere. This is the only time we can all come together as Nigerians to give His Excellency, the President, all the needed support. In order to get us out of all the trouble we have been in.
“The indicators are showing that the economy is doing well. The only thing is that things are a bit difficult because it’s not easy for an inflation that has gone up to go down like that. It takes time.”