The Minister of Budget and Economic Planning, Atiku Bagudu, expressed optimism about an improvement in the exchange rate following the ongoing exchange reforms initiated by President Bola Tinubu and the Central Bank of Nigeria. Bagudu highlighted that countries, like Nigeria, which have liberalized their foreign exchange markets, have historically enjoyed better exchange rates. He encouraged local and foreign investors to take steps in alignment with these positive global indices.
During a discussion with business editors in Lagos, Bagudu emphasized the significance of President Tinubu’s currency reforms, including the removal of the rate cap on the exchange rate, as measures to navigate economic challenges. He acknowledged the temporary inconvenience due to market fluctuations but expressed confidence that these steps would stabilize and contribute to long-term improvements, drawing parallels with other nations that have pursued a similar route.
The former Kebbi State governor mentioned the reduction in borrowing in the 2024 budget and emphasized the country’s efforts to raise revenue for enhanced economic stability. Bagudu urged Nigerians to demand the resignation of public officials who fail to perform in their assigned roles, aligning with President Tinubu’s call for accountability in public service.
Discussing the need for those with responsibilities to deliver, Bagudu stated that Nigeria could achieve the projected 1.78 million barrels per day in the 2024 budget if all stakeholders work collaboratively. He stressed the importance of challenging public officers to ensure they meet their assigned objectives, rather than presuming that things cannot improve.
Further addressing the quest for enhanced oil production, Bagudu highlighted the necessity of boosting oil output to attract foreign investment, strengthening the country’s exchange rate through increased foreign currency inflow.
In a statement issued in mid-December, Mele Kyari, the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited, affirmed the achievability of 1.785 million barrels of oil per day in 2024. Kyari clarified that this figure includes all oil produced in the country, encompassing both crude oil and condensate production.
The latest report by Meristem Research projected an increase in Nigeria’s oil production in 2024, contingent on avoiding significant unexpected shocks to the sector. The report, titled ‘Setting Sail for Gradual Recovery,’ outlined strategic initiatives, including the introduction of the Nembe Oil grade to the global market and intensified efforts to curb oil theft, as factors poised to boost production significantly.
