President Bola Ahmed Tinubu has assured that an economic revival is forthcoming as he initiates a tripartite Economic Presidential Advisory Committee to address economic challenges, food security, and national security.
In a meeting with Heads of Industries and Nigerian Top Business Owners, as well as some members of the Nigerian Governor’s Forum at the State House, on Sunday evening in Abuja, President Tinubu expressed his concerns for the welfare of Nigerians and tasked the business leaders to join hands with the government and make significant changes to the Nigerian economy.
Emphasising the importance of serving the people, President Tinubu called for a national self-assessment to identify and jointly rectify policies hindering economic recovery.
According to him, “Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. As I have said, many times, the people of this country are the only people who we have to please. And we are very much concerned from students to mothers and fathers, farmers, the traders and realise that every one of us will have to fetch water from the same well.
“We’re looking for additional efforts that might help the downtrodden Nigerians and we will provide that hope and reassurance that economic recovery is on its way,” President Tinubu added.
NEWS FLASH:
President Bola Ahmed Tinubu @officialABAT establishes an economic advisory committee with members from the Federal government, sub-national bodies and the private sector following discussions with stakeholders at the State House, Abuja.
President Tinubu underscores… pic.twitter.com/aeD1N6Pbjp
— Voice of Nigeria (@voiceofnigeria) February 25, 2024
The Nigerian leader acknowledged the intricacies of the challenges confronting the nation; hence, he underscored the government’s commitment to addressing them.
President Tinubu further highlighted the Marshall Plan initiatives as a key component of his administration’s economic strategy.
“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 marshal plan in place and fashion out the best economic future for this country,” the president added.
Meeting Discussions
Speaking on the outcome of the meeting, the Chairman of the Dangote Foundation, Aliko Dangote, disclosed that the discussions of the meeting focused primarily on the economy, food security and national security.
Dangote stated that the newly established Presidential Advisory Committee will comprehensively address various issues including job creation and food security.
“I think we had a very, very good meeting and what we discussed was 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. I think this will look at all the issues and address them, coming from job creation, food security, and the economy.
He expressed optimism that the committee has all it takes to turn around the economy of Nigeria, thereby making the country great again.
“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.
Also speaking at the meeting, Chairman BUA Cement, Abdulsamad Robiu, said that the meeting addressed critical issues such as the rising exchange rate and the recurring challenge for the past few months.
Robiu added that the meeting explored solutions to tame the increasing foreign exchange rate, recognizing the artificial and manipulative nature of the current FX market in Nigeria.
“It was open, it was frank, and it was exhaustive. And some of the issues we discussed, for example, the foreign exchange rate, which we know has always been the problem for the past two or three months. 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, 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.”
Chairman of the Tony Elumelu Foundation, Mr Tony Elumelu, said the meeting convened by the Nigerian President has propelled Nigeria’s economy and also helped alleviate poverty, create employment, and provide food security for Nigerians.
“I left this meeting with a lot of enthusiasm, excitement and optimism about the future of our country. I believe that implementing the decisions we arrived at today will propel our economy and help alleviate the poverty in the land, help create employment and help put food on the table.
The Director-General of the Manufacturers Association of Nigeria, Mr Segun Ajayi-Kadir, said that the private sector looks forward to the implementation of the decisions reached with the President and that manufacturers in Nigeria also look forward to a more conducive business environment.
Ajayi-Kadir said that the issues surrounding foreign exchange, insecurity and the general operating business environment in Nigeria were discussed at the meeting and that the newly created committee secured the assurances of President Tinubu on significant changes in the Nigerian economy.
“So I think the private sector is looking forward to the implementation of most of the decisions that we have made with the president. Manufacturers are looking forward to an environment that is conducive to business. And so the issues surrounding foreign exchange, insecurity and the general operating environment were discussed. We received the assurances from 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. Nigerians, going forward should be hopeful that we are having solutions to the challenges that we have,” Kadir added.
Members of the committee are, Aliko Dangote, Femi Otedola, Abdulsamad Robiu, Amina Maina, Boye Olusanya, SegunAjayi Kadir, Tony Elumelu, Bismarck Rewane, Samala Zubairu, Innocent Chukwumah, Kola Adeshina, Governor Dapo Abiodun, Governor Charles Soludo, Jubril Adewale
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