Apparently determined to involve more stakeholders in his administration’s drive to improve the performance of the nation’s economy, President Bola Tinubu on Sunday inaugurated an economic advisory committee comprising membership from the federal and sub-national governments and the organized private sector (OPS).
The President’s latest action was the outcome of a meeting he held with key stakeholders in the economy at the State House in Abuja.
Speaking at the meeting, Tinubu explained that the initiative was part of his administration’s efforts in stabilising the economy and ensuring the best economic future for Nigerians.
Specifically, the President charged the committee members, who include top players in the economic sectors, including manufacturing and banking, to come up with policy frameworks that would help his administration in further repositioning the economy on sustained path of growth in view of the current reforms targeted at achieving that.
The President said: “Like I said, many times, the people of this country are only the people who we have to please. And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that everyone of us will have to fetch water from the same well.
“We’re looking for additional efforts that’s might help the downtrodden Nigerians and we will provide that hope and reassurance that economic recovery is on its way.
“We are not saying that we have all the answers. But we will not be blamed for not trying. 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”, Tinubu stressed.
Speaking during his interactive session with State House journalists after the meeting, a member of the committee and Chairman of Dangote Group, Alhaji Aliko Dangote, said the meeting with the President was very open, frank, exhaustive and held great prospects for the Nigerian economy.
He explained: “What we discussed is generally about the economy, food security and security of the nation. We discussed everything in detail. And there is the economic presidential advisory committee which has been set up and I think this will look at all the issues and address them, coming from job creation, food security, coming from also reflected the economy.
“So, all these things they have been discussed in detail. I can’t give you all the details right now, but we are hopeful and we’re a great nation. We have what it takes to turn around the economy and we’re going to do that.
”We discussed on how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial, it is manipulative and thank God the CBN is doing quite a lot. Now, the exchange rate has come down from N1800 to maybe 1600 and N1500 now, and as you all know, everything in Nigeria is indexed to the foreign exchange, especially when it comes to stuff that we import into the country”, the industrialist added
Also a seasoned banker and Chairman of Heirs Holdings Group, Mr. Tony Elumelu, said he was ” leaving the meeting with lots of enthusiasm, excitement and optimism about the future of our country.
” I believe that implementing the decisions we arrived at today will have propel our economy and help alleviate the poverty in the land, help create employment and help put food on table”, he added.
Anambra State Governor, Prof. Charles Soludo, who also commented on the issues discussed at the meeting, maintained that the meeting was designed “to put heads together and think together.”
The former Central Bank of Nigeria (CBN) Governor said: We have one national economy, and it’s the responsibility of the 225 million Nigerians to work together to make it great and we have all the potentials and we have all that it takes to make Nigeria ride through these turbulent times and put the economy back on a sustainable keel.
“I think there is unity of purpose, determination, the sense of patriotism and determination by all to make it happen and by the special grace of God, it’s now the execution, execution execution. And this is a standing committee that will be meeting from time to time to evaluate how things are going and make recommendations to Mr. President and to the nation as well”, Soludo added.
Also commenting on the outcome of the meeting, Governor Dapo Abiodun, said all hands would be on deck to support the President on the current drives to improve the nation’s economic growth
The governor expatiated: “All governors have resolved to join hands with Mr President to ensure that he provides the necessary intervention to cushion the effect of what we’re going through, whilst we are waiting for the implementation and the evidence of the fiscal and monetary policies that are already in place.
“So the teeming public should have that confidence that we’re not leaving them alone. In my state and in other states, we are bringing in rice, we’re bringing food items and were selling at rates that can be obtained before the downslide of the naira. So we are going to be doing all those kinds of things to bring succour to the common man until when you begin to see the evidence of the fiscal and monetary policies”, Abiodun Added.
In his post-meeting remarks, Director –General of the Manufacturers Association of Nigeria (MAN), Mr. Segun Ajayi-Kadir, also assured that the OPS would be looking forward to the implementation of most of the decisions taken during the meeting with the President.
The industrialist clarified: ” Manufacturers are looking forward to an environment that is conducive to business. And so the issues surrounding foreign exchange, insecurity and general operating environment were discussed and we received the assurances of Mr. President that very soon we are going to start to see some major changes.
“I think the advisory committee that has been formed, the private sector will play a very significant role, and Nigerians, going forward should be hopeful that we are having solutions to the challenges that we have”, Kadiri assured.
