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In a bid to address the ongoing economic challenges facing Nigeria, President Bola Tinubu has formed an Economic Advisory Committee comprising representatives from the federal government, sub-national entities, and the private sector.
The decision was reached following a meeting between the President and key stakeholders at the State House in Abuja on Sunday evening. This move comes as the country grapples with a depreciating naira exchange rate, escalating inflation, and other economic woes that have exacerbated the cost of living crisis.
Notable private sector figures included in the committee are Mr. Tony Elumelu, Chairman of the United Bank for Africa, and Aliko Dangote, Chairman of the Dangote Group.
Speaking on behalf of the federal government at the meeting, President Tinubu emphasized the committee's objective to enhance efforts in stabilizing the economy and securing the best economic future for Nigerians.
Tinubu stated, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy... We assure Nigerians that we will do our best to get our marshall plan in place and fashion out the best economic future for this country.”
During the meeting, discussions revolved around critical economic issues such as food security, job creation, and the exchange rate. Dangote, representing the private sector delegation, highlighted the importance of the committee in clarifying stakeholders' roles in President Tinubu's Renewed Hope Agenda.
Meanwhile, Elumelu emphasized the importance of implementing the committee's decisions to drive economic growth, alleviate poverty, create employment, and ensure food security.
Furthermore, the committee engaged in detailed discussions on strategies to reduce the foreign exchange rate. Abdul Samad Rabiu, Chairman of the BUA Group, expressed optimism in the country's ability to turn around the economy, particularly in addressing the volatility of the naira against the dollar.
States have also pledged their commitment to collaborating with the federal government to alleviate the hardships faced by Nigerians. Governor Dapo Abiodun of Ogun State assured that state governments would support the president's interventions by providing essential commodities at affordable prices.
Governor Charles Soludo of Anambra State highlighted the committee's commitment to regularly evaluating progress and making recommendations to the President and the nation.
The private sector, represented by Mr. Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria, affirmed its readiness to play a significant role in providing actionable recommendations to the President on economic matters.
