The National Economic Council (NEC) has urged the federal government to diversify into domestic refining of crude oil and other non oil sectors.
The Council arrived at this resolution on Tuesday at the end of its two-day Conference held at the Presidential Villa, Presidential spokesman, Stanley Nkwoccha disclosed in a release.
The NEC chaired by the Vice President, Kashin Shettima, explained that investments in the oil and gas sector and domestic refining would ensure energy security while diversification into other non oil sectors would reduce import dependence, strengthen value chains, and create employment.
President Bola Tinubu in his closing remarks at the Conference also assured that his administration has resolved to ensure that the dividends of the Renewed Hope Agenda reforms were felt across every state and community in the country.
He charged members of the National Economic Council (NEC), comprising state governors, key government officials, and other relevant stakeholders, to recommit themselves to the delivery of the Renewed Hope Agenda.
He expressed the honour of declaring the conference open with a clear call for unity of purpose, fiscal discipline, and coordinated action under the Renewed Hope Agenda.
Represented by the President of the Senate, Sen. Godswill Akpabio, Tinubu noted that reform was not an event but a process that required courage, patience, and consistency from all stakeholders.
“The decisions we make here must translate into visible improvements in the daily lives of all Nigerians — in jobs created, businesses supported, roads constructed, schools strengthened, healthcare improved, and opportunities expanded,” he said.
The President emphasised that while the Renewed Hope Agenda was not a slogan but a national commitment, such commitment demanded that “we move beyond dialogue to delivery.
“Our administration remains resolute. We will continue to support sub-national governments, deepen institutional reforms, and ensure that the dividends of our policies are felt across every state and every community in this country,” he noted.
The President reassured Nigerians that his administration was aligned in purpose and united in responsibility, adding that “together, we will build a more resilient economy, a more inclusive society, and a stronger federation.”
He commended Chairman of NEC for his steady leadership of the Council and for guiding deliberations with clarity and focus.
“Today, as we draw this second edition of the National Economic Council Conference to a close, I am deeply encouraged by the seriousness of engagement and the strength of the consensus we have built.
“I also want to thank our governors, ministers, development partners, and private sector stakeholders for their frank contributions and unwavering commitment to Nigeria’s national progress,” he said.
According to the President, the NEC Conference demonstrated that the path to sustainable prosperity laid in collaboration — between the federal and state governments, between the public and private sectors, and between policy formulation and disciplined execution.
He noted that NEC members and stakeholders reaffirmed their commitment to fiscal responsibility, economic diversification, infrastructure expansion, food security, social protection, and human capital development.
The President also stressed that the government has strengthened mechanisms for coordination and accountability, which are now translating into improved socio-economic benefits for Nigerians.
Earlier, the conference provided a platform for a holistic examination of key economic issues and a shared understanding of policy options for addressing the nation’s economic challenges, with a view to advancing inclusive growth and sustainable development.
