The Nigeria Economic Summit Group has recommended that the Federal Government sustain crude oil production at 2.2 million barrels per day to ensure the feasibility of the 2025 budget and stabilize the economy.
The NESG’s Chief Executive Officer, Dr. Tayo Aduloju, emphasized this during a media briefing on the group’s 2025 strategic vision and private sector macroeconomic outlook in Abuja.
He stressed that maintaining this production level is essential for revenue generation, foreign exchange stability, and economic growth.
Aduloju noted that Nigeria’s oil production has fluctuated between 1.1 million bpd, 2.2 million bpd, and a peak of 2.8 million bpd in recent years.
He however maintained that sustaining 2.2 million bpd is an achievable goal, considering the current administration’s efforts to increase output.
“Hitting 2.2 million bpd crude production, regardless of the crude oil price, is necessary for the budget to be realistic. The government has shown since it came into office that crude production moved from 1.1 million bpd to 2.2 million bpd, and even to 2.8 million bpd,” he said.
The NESG’s latest report, “The Arc of the Possible,” outlines actionable strategies for Nigeria’s economic transformation, with clear short-to-medium-term targets across key sectors.
However, he stressed that political stability and security are vital for sustaining production levels, citing recent tensions in Rivers State—a key oil-producing region—as a potential challenge.
The NESG report, titled “Stabilisation in Transition: Rethinking Reform Strategies for 2025 and Beyond,” projects that effective reforms could push Nigeria’s GDP growth to 5.5% in 2025, with inflation declining to 24.7% under optimal conditions.
Improved power supply and fuel availability will lower operational costs for businesses, particularly Nano, Micro, Small, and Medium Enterprises.
Enhanced forex liquidity will benefit manufacturers dependent on imported raw materials.
Agricultural sector reforms will tackle financing, storage, and logistics challenges.
Improved security in farming regions will enhance food production and help curb inflation.
Aduloju highlighted the importance of strong policy coordination between fiscal and monetary authorities in achieving these targets.
