ABUJA, April 19, 2024 — The Confederation of All Progressives Congress (APC) Support Groups recently convened at a news conference in Abuja, where they emphatically praised the economic initiatives launched by President Bola Tinubu’s administration. Prof. Kailani Muhammed, Director-General of the group, highlighted the administration’s successful strategies that are steering Nigeria toward significant socio-economic recovery.
Reinvigorating Nigeria’s Economy
President Tinubu’s Strategic Economic Overhaul Since his inauguration, President Tinubu has embarked on an ambitious journey to re-engineer Nigeria’s economic landscape. Prof. Muhammed detailed how the president has implemented robust policies and initiatives designed to uplift the nation from economic stagnation to a path of progressive growth. President Tinubu has zealously templated re-engineering strategies to move the country from its decaying position to a progressive level, to stimulate economic recovery,” Muhammed explained.
Stabilizing the Nigerian Naira
Remarkable Recovery of the Currency One of the standout achievements under President Tinubu’s leadership has been the stabilization and recovery of the Nigerian Naira. Previously, the Naira had experienced a severe depreciation, trading at about N1,950 to one US dollar. However, through focused economic policies and interventions, the administration has managed to bolster the currency to less than N1,000 against the dollar in the parallel market. This turnaround, considered by many as a near-impossible feat within such a brief period, has been acknowledged globally, with prestigious institutions like Goldman Sachs recognizing the Naira as the best performing currency in the world as of April 2024.
Impact of Naira Appreciation on the Economy The appreciation of the Naira has provided substantial relief to many Nigerians battered by the negative effects of its prior depreciation. This recovery is instrumental in reducing the cost of imports, easing inflationary pressures, and providing a more stable economic environment for businesses and investors. However, Prof. Muhammed noted that it would take some time for the full benefits of this appreciation to permeate through to the prices of goods and services, urging citizens to remain patient and supportive.
Supporting Figures in Economic Development
Contributions of Malam Mele Kyari In his address, Prof. Muhammed also lauded the efforts of Malam Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Corporation Ltd. (NNPCL). Kyari’s leadership has been pivotal in advancing the nation’s oil and gas sector, particularly through his significant contributions to the enactment of the Petroleum Industrial Act (PIA). This legislation has facilitated essential reforms and commercialization efforts that promise to enhance the efficiency and profitability of Nigeria’s oil sector.
Kyari’s Role in Discovering New Oil Wells Under Kyari’s stewardship, the NNPCL has achieved remarkable progress in discovering new oil wells, which are crucial for maintaining and expanding Nigeria’s oil reserves and production capacity. These discoveries are expected to play a vital role in securing the country’s energy future and contributing to sustained economic growth.
Advocating for Transparency and Accountability Kyari has also been instrumental in implementing the Transparency, Accountability, Productivity, and Efficiency (TAPE) program within the NNPCL. This initiative aims to enhance the corporation’s governance, ensuring that operations are conducted transparently and efficiently, aligning with global best practices and enhancing public trust in the sector.
Enhancing Sectoral Transparency and Efficiency
Strides in the Oil and Gas Sector Prof. Kailani Muhammed continued to emphasize the transformative impact of Malam Mele Kyari’s leadership on the Nigerian National Petroleum Corporation Ltd. (NNPCL). Through the implementation of the Transparency, Accountability, Productivity, and Efficiency (TAPE) program, Kyari has significantly uplifted the operational standards of the oil and gas sector. This initiative not only fosters greater transparency and accountability but also boosts productivity by streamlining processes and enhancing the efficiency of operations. Such reforms are crucial for attracting investment and improving the sector’s contribution to the national economy.
Resistance to Leadership Change
Debunking Calls for Kyari’s Replacement Despite the notable achievements under Kyari’s leadership, there have been calls from certain quarters for his replacement. These calls have been labeled by Prof. Muhammed as the work of “mischief makers” who aim to detract from the positive developments enacted under President Tinubu’s administration. He strongly advocated for continuity in leadership to maintain the momentum of reforms and progress in the oil and gas sector.
Supporting Continued Leadership for Stability Prof. Muhammed appealed to the public and stakeholders to support the ongoing leadership of both President Tinubu and Malam Mele Kyari. He emphasized that continuous changes in leadership could derail the progress and stability achieved so far. Allowing these leaders to fulfill their roles without interruption is deemed essential for the sustained betterment of Nigeria’s socio-economic landscape.
Advocating for Patience and Support from the Public
A Call for National Patience Understanding the complexities of economic recovery and sectoral reforms, Prof. Muhammed requested the Nigerian populace to exhibit patience. The benefits of the economic policies and initiatives, although significant, will take time to fully manifest in everyday economic activities and improvements in the standard of living. He urged citizens to give the current administration sufficient time to implement their plans and witness the fruits of these policies.
Highlighting the Benefits of Democratic Processes The director-general reiterated the administration’s commitment to delivering the dividends of democracy to the Nigerian people. He expressed confidence that with continued support and understanding from the public, the government would be able to achieve its objectives, leading to widespread and tangible benefits for all citizens.
Conclusion: A Forward-Looking Perspective
Reaffirming Commitment to Economic Recovery As the APC Support Groups’ conference concluded, the message was clear: the initiatives spearheaded by President Bola Tinubu and supported by key figures like Malam Mele Kyari are setting the foundation for a robust economic recovery and sustainable growth. The group’s commendation of these efforts serves as a testament to the administration’s dedication to transforming Nigeria’s economic and sectoral landscapes.
Encouragement for Continued Public Engagement Prof. Muhammed’s final remarks called for active engagement and constructive support from all sectors of Nigerian society. By aligning behind the government’s initiatives and recognizing the complexities of national and economic governance, the public can play a crucial role in ensuring these initiatives’ success and, ultimately, in achieving the collective goal of a prosperous and stable Nigeria.
