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Economic Crisis: President Tinubu Sets Up Economic Advisory Committee

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In a move to ameliorate the hardship currently experienced by Nigerians, President Bola Tinubu on Sunday established an economic advisory committee. The committee comprises the federal government, sub-nationals, and the private sector. The president who said all options would be explored to resolve the nation's socio-economic challenges met with Governors Charles Soludo of Anambra and Dapo Abiodun of Ogun, Aliko Dangote, Abdulsamad Rabiu, Tony Elumelu, and Mr Segun Ajayi-Kadir, Director-General of the Manufacturers Association of Nigeria. At the meeting, Tinubu said that the government is ready to rub hands with all stakeholders to find lasting solutions to the current situation in the country.

"Let's look at what we're doing right and what we're doing wrong to bring life back to the economy. Like I said many times, the people of this country are the only ones we have to please.

"We are very much concerned, from students to mothers and fathers, farmers, the traders, and realizing that every one of us will have to fetch water from the same well.

"We are 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.

"We are not saying that we have all the answers but we will not be blamed for not trying."

Rabiu of BUA Group said the downward slope of the Naira's rate to the Dollar is inauthentic and commended the Central Bank of Nigeria (CBN) effort in addressing the challenge.

On his part, Mr Elumelu noted that he believes implementing the decisions arrived at the meeting would propel the Nigerian economy "and help alleviate poverty in the land, help create employment and help put food on the table."
Ajayi-Kadir of the Manufacturing Association of Nigeria said that the private sector was looking forward to the implementation of the decisions taken at the meeting.

“Manufacturers are looking forward to an environment that is conducive to business. And so the issues surrounding foreign exchange, insecurity, and general operating environment were discussed and we received the assurances of Mr President that very soon we are going to start to see some major changes and I think the advisory committee that has been formed, the private sector will play a very significant role, and Nigerians, going forward should be hopeful that we are having solutions to the challenges that we have,” he said.

Dangote, after the meeting, also disclosed that the committee deliberated on issues concerning the economy, food security, security, and job creation.

He expressed confidence that Nigeria and Nigerians have the potential to be great once again, adding that the nation is on the path of transformation.