In an effort to salvage Nigeria’s economy from a complete collapse, President Bola Tinubu has established an economic advisory committee, which includes representatives from the federal government, sub-national entities, and the private sector. This decision followed discussions between the President and key stakeholders at the State House in Abuja on Sunday evening.
The move comes in response to challenges such as the depreciating value of the naira, escalating inflation, and other economic difficulties that are exacerbating the cost of living crisis. Notable private sector figures, including Tony Elumelu, the Chairman of United Bank for Africa, and Aliko Dangote, the Chairman of Dangote Group, are among the committee members.
During the meeting, the committee delved into the specifics of their roles in President Tinubu’s Renewed Hope Agenda, focusing on addressing issues related to the economy, food security, and national security. Dangote, part of the private sector delegation, highlighted the discussions on job creation and food security, expressing optimism about the nation’s ability to overcome economic challenges.
Additionally, the committee engaged in extensive talks with the President on the foreign exchange rate. Abdul Samad Rabiu, the Chairman of the BUA Group, emphasized the need to bring down the artificial and manipulative foreign exchange rate, acknowledging the efforts of the Central Bank of Nigeria (CBN).
States expressed their willingness to collaborate with federal welfare interventions to alleviate the hardships faced by Nigerians. Governor Dapo Abiodun of Ogun State assured that states would support President Tinubu’s interventions while waiting for the implementation of fiscal and monetary policies.
Governor Charles Soludo of Anambra State highlighted the tripartite committee’s commitment to regular evaluations and recommendations to the President and the nation. The private sector, represented by the Director-General of the Manufacturers Association of Nigeria, Mr. Segun Ajayi-Kadir, pledged significant involvement in providing workable recommendations on economic matters.
During the Sunday meeting, President Tinubu emphasized the goal of additional efforts to stabilize the economy and ensure the best economic future for Nigerians. He acknowledged the diverse concerns of the country’s citizens and committed to implementing a robust plan to bring about economic recovery.
