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Tinubu forms groups to revive the economy

Mar 28, 2024 | Politics | 0 comments

Yesterday, President Bola Tinubu launched a national economic coordination and planning system to enhance the economy.

The President chairs the 31-man Presidential Economic Coordination Council (PECC), while Wale Edun chairs the 19-man Economic Management Team Emergency Taskforce (EET) and the 14-man Economic Management Team, according to his spokesman, Ajuri Ngelale.

Tinubu created the committees to improve economic governance and coordinate economic strategy and implementation.

The PECC also includes Vice President Kashim Shettima as Vice Chairman, Senate President, Nigeria Governors’ Forum Chairman, Minister of Finance and Coordinating Minister of the Economy, Central Bank Governor, Ministers of Agriculture and Food Security, Aviation and Aerospace Development, and Budget and Economic Planning.

Others are the Ministers of Communications, Innovation, and Digital Economy; industry, Trade, and Investment; labour and Employment; marine and Blue Economy; power; state Petroleum Resources; State Gas; and Transportation and Works.

Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Amina Maina, Begun Ajayi-Kadir, Funke Okpeke, and Dr. Doyin Salami are among the 13 key organised private sector members joining the PECC for a year under the President’s direction.

Others from the private sector are Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu, and Rasheed Sarumi.

The EET must create and implement a consolidated emergency economic strategy to solve immediate financial issues and streamline economic tactics.

The task force includes government officials and industry leaders to support the President’s collaborative approach to economic resilience and prosperity.

The EET must submit a six-month economic intervention plan for 2024 to the PECC within two weeks of its inauguration for immediate implementation.

The EET will meet twice a week and include the Ministers of Budget and Economic Planning, Power, Agriculture and Food Security, Health and Social Welfare, Industry, Trade and Investment, the CBN Governor, the National Security Adviser, the chairman of the Nigeria Governors’ Forum, and the governor of Anambra State.

Governors of Ogun and Niger States; Executive Chairman, Federal Inland Revenue Service; Director-General, Budget Office of the Federation; GCEO, NNPC Limited; Director-General, Nigeria Economic Summit Group; Special Adviser to the President on Energy; Dr Bismarck Rewane and Dr Suleyman Ndanusa.

The 14-man Economic Management Team (EMT), chaired by Edun and founded in October 2023, would function under the PECC and play a vital role in the President’s economic governance system.

For the EET’s six-month mandate, the EMT will stop its monthly or as-needed meetings.

These teams would supplement the Vice President-chaired National Economic Council (NEC) in economic governance.

The EET will accelerate the execution, monitoring, and assessment of vital programmes and reinforce the Tinubu-led administration’s collective approach to Nigeria’s economic goals over the next six months.

Vice President Kashim Shettima also promised Naira stability in the coming weeks and months.
He pledged during Abuja’s National Design and Innovation Competition launch.

Nigerian news agency NAN reported that the Interior Designers Association of Nigeria (IDAN) arranged the event to encourage youth entrepreneurship and creativity.

According to NAN, the Naira reached N1900 to a dollar in February, but government monetary policies had steadily appreciated it.

The official Naira exchange rate is N1396 to a dollar, but the secondary market is N1390.
The Vice President said the administration will pursue currency stabilisation initiatives.

Shettima also stated that President Bola Tinubu’s administration would handle food, nutrition, and insecurity.

He acknowledged the youths’ creative contributions and promised help.
The number two citizen declared that the government’s $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme will include young innovators.

Titi Ogufere, the delegation leader and IDAN founder, announced a plan to teach one million youngsters in furniture production and industrial design.

He said the training would be conducted with the Federal Ministry of Arts, Culture, and Creative Economy.

Dr. Jumoke Oduwole, the President’s special adviser on Ease of Doing Business, has also underlined the importance of using inclusion to improve the economy and bring wealth to the nation.

She defined inclusion as giving marginalised groups, such as persons with physical or intellectual disabilities and other minorities, equal access to opportunities and resources.

Oduwole presented yesterday at the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) and Zenith Bank Plc Women in Business luncheon series in Lagos.

She advised organisations to use their main resources to grow at all levels.

Mrs. Folashade Ambrose-Medebem, Lagos State Commissioner for Commerce, Corporative, Trade, and Investment, said it would take 300 years to eliminate the gender gap since participation in society requires everyone.

She said Lagos is a diversified city with many chances but not an economic hub.

According to her, the state has created an ideal atmosphere for women entrepreneurs.

Dr. Toyin Sanni, founder and executive Vice Chairman of Emerging Africa, said inclusive business practices promote women’s inclusion.

She noted that inclusion increases employee engagement, various perspectives, innovation, business reputation, and brand promotion.

Adobi Nwapa, Executive Director, Zenith Bank Plc, said women are reshaping businesses and thriving in many fields.

Businesses should celebrate diversity, she added, adding that the bank empowers women in all areas.

Laurent Favier, Consul General of France, said gender equality is key to success and effective administration.

In all they do, Nigerians must empower women and be gender sensitive, he urged.

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