In light of Nigeria’s troubled economy, President Tinubu on Sunday convened a high-level meeting at the State House in Abuja, where he set up a Tripartite Economic Advisory Committee.
The move comes amid calls for comprehensive strategies to address the nation’s degenerating economic downturn.
The meeting brought together a diverse array of stakeholders, including prominent business leaders, governors, and representatives from various sectors. Among those in attendance were renowned figures such as Aliko Dangote, Femi Otedola, Amina Maina (VP NESG), Boye Olusanya (Flour Mills), Segun Ajayi-Kadir (DG MAN), Tony Elumelu, Bismarck Rewane, and Samala Zubairu (AFC).
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Others were Innocent Chukwuma (Innoson), Jubril Adewale Tinubu, Governor Soludo of Anambra State, Governor Dapo Abiodun of Ogun State, CBN Governor, Olayemi Cardoso, Kola Adeshina, Abdulkabir Aliu and Abdul Samad Rabiu (BUA).
This broad representation is said to represent the collective effort required to tackle Nigeria’s multifaceted economic challenges effectively.
In his opening remarks, President Tinubu emphasized the government’s commitment to finding solutions, acknowledging that while they may not have all the answers, they were determined to take decisive action. He stressed the importance of collaborative efforts in formulating economic policies that would benefit all Nigerians, particularly the most vulnerable segments of society.
“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
“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.
“Let’s look at what we’re doing right and what we’re doing wrong to bring life back to the economy. As 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,” he said.
Aliko Dangote, President of the Dangote Group, commended the comprehensive nature of the discussions during the meeting. He highlighted the critical issues addressed, including economic stability, food security, and national security.
Dangote expressed confidence in Nigeria’s ability to overcome these challenges, particularly with the establishment of the Economic Advisory Committee.
“I think we had a very, very good meeting and what we discussed is generally about the economy, food security and security of the nation,” he said.
“We discussed everything in detail. There 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, and food security, coming from also reflect the economy.
“So, all these things that 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.”
Abdulsamad Rabiu, Chairman of BUA Cement, echoed Dangote’s sentiments, emphasizing the importance of addressing the foreign exchange rate. He praised the efforts of the Central Bank of Nigeria (CBN) in stabilizing the exchange rate and expressed optimism about the future trajectory of the economy.
“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,” he said.
Tony Elumelu, Chairman of Heirs Group, expressed enthusiasm and optimism about the outcomes of the meeting. He stressed the need to implement decisions made during the consultations to stimulate economic growth and alleviate poverty effectively.
“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 table,” he said.
Anambra State Governor Charles Soludo highlighted the collaborative nature of the meeting, noting the collective responsibility of all Nigerians in contributing to the nation’s economic resurgence. He said there is a need for unity, determination, and patriotic fervor in overcoming current challenges.
On his part, Ogun State Governor Dapo Abiodun reassured the public of the government’s commitment to providing immediate relief measures while awaiting the implementation of broader fiscal and monetary policies. He emphasized the importance of collaborative efforts between the federal government and state governments to alleviate the impact of economic challenges on citizens.
The meeting concluded with a sense of cautious optimism about the prospects of revitalizing Nigeria’s economy and improving the livelihoods of its citizens. With broad-based stakeholder engagement and a commitment to swift action, members of the Economic Advisory Committee believe that Tinubu’s proactive approach to economic challenges will usher in a brighter economic future for Nigeria.