President Bola Tinubu has established an economic advisory committee comprising representatives from the federal government, state governments, and the private sector.
The decision was reached following discussions between President Tinubu and key stakeholders at the State House, Abuja, on Sunday evening.
This move comes amid growing concerns over the depreciation of the naira, escalating inflation, and other economic challenges exacerbating the cost of living.
Prominent private sector figures appointed to the committee include Tony Elumelu, Chairman of the United Bank for Africa, and Aliko Dangote, Chairman of the Dangote Group.
Addressing the meeting on behalf of the federal government, Tinubu emphasized the need for collective efforts to stabilize the economy and ensure a brighter economic future for all Nigerians.
He stated, “We must evaluate our strengths and weaknesses to revitalize the economy. Our primary concern is the well-being of every Nigerian, from students to farmers, ensuring that everyone benefits from our efforts.”
“We acknowledge that we do not have all the answers, but we are committed to taking action and providing hope for Nigerians. Our focus is to develop comprehensive strategies for economic recovery,” Tinubu added.
During the meeting, discussions centered on critical issues such as food security, job creation, and exchange rate stabilization.
Dangote, representing the private sector delegation, emphasized the importance of addressing these concerns comprehensively. He expressed confidence in the committee’s ability to tackle challenges and drive economic growth.
Similarly, Elumelu underscored the significance of implementing decisions made during the meeting, emphasizing the potential to alleviate poverty, create jobs, and enhance food security.
Abdul Samad Rabiu, Chairman of the BUA Group, highlighted discussions surrounding the foreign exchange rate and strategies to mitigate its volatility.
Meanwhile, state governments have expressed their commitment to collaborating with the federal government on welfare interventions aimed at alleviating hardship among Nigerians.
Governor Dapo Abiodun of Ogun State assured full support for federal initiatives while implementing state-level interventions to mitigate the impact of economic challenges.
Governor Charles Soludo of Anambra State emphasized the committee’s role in monitoring progress and making recommendations to address economic issues effectively.
The private sector, represented by Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria, pledged significant contributions to developing actionable recommendations for President Tinubu on economic matters.
