President Tinubu Unveils New Measures to Boost Economy and Jobs

By Joke Kujenya

A SERIES of economic measures were announced President Bola Tinubu on Thursday aimed at stabilizing the economy, creating jobs, and ensuring economic security.

He introduced these initiatives at the inauguration of the Presidential Economic Coordination Council (PECC), which will run alongside the recently launched National Construction and Household Support Programme.

The Energy Security Initiative targets significant advancements in power, oil, and gas sectors.

The plan also aims to increase on-grid electricity from 4.5 gigawatts to 6 gigawatts within six months and boost oil production to 2 million barrels per day over the next year.

Also, the initiative also focuses on removing barriers to investment to enhance sector competitiveness.

In agriculture and food security, the government plans to increase staple crop production from 127 million metric tons in 2023 to 135 million metric tons this year.

Partnerships with large-scale commercial farmers will bolster production, while qualified farmers will receive support through satellite imagery for land use planning and crop monitoring.

The health and social welfare sector will see significant improvements.

The government also said it aims to make essential medicines more affordable for 80-90 million Nigerians and expand healthcare insurance coverage to 1 million vulnerable people through a collaboration with state governments.

Additionally, 20,000 healthcare workers will be redeployed to provide services to 10-12 million patients in critical areas, and 4,800 primary healthcare centers and hospitals will be powered by renewable energy sources.

According to the initiative, fiscal measures will focus on improving access to finance for the housing sector, MSMEs, and the manufacturing sector.

Youth-owned enterprises will receive support to create 7,400 MSMEs within the next 6-12 months.

A N650 billion facility will provide lower-cost financing to youth-owned businesses, manufacturers, and MSMEs across various industries, including food processing, pharmaceuticals, agriculture, and retail trade.

The Manufacturing Stabilization Fund will rejuvenate up to 250 companies with long-term, low-interest facilities, while the Grow Nigeria Development Fund will support MSMEs through a matching fund agreement with sub-national governments.

The Bank of Industry’s Rural Development Programme will develop 300 new MSMEs in each state, resulting in 11,100 new rural-based businesses across the country.

Additionally, a Mortgage Finance Acceleration Facility will support the construction of 25,000 housing units, addressing the affordable housing needs of those impacted by the cost-of-living crisis.

These measures, as noted, are expected to create 4.7 million direct and indirect jobs over the next six to 12 months.

The PECC, which includes members from both the government and the private sector, will oversee the implementation of these initiatives.

Key private sector members present at the launch included Alhaji Aliko Dangote, Mr. Tony Elumelu, Alhaji Abdul Samad Rabiu, Ms. Amina Maina, Wale Tinubu, Mr. Segun Ajayi-Kadir, Dr. Funke Opeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi, as shared on X.

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