BREAKING: Tinubu Sets Up Tripartite Economic Advisory Committee

President Tinubu has set up a Tripartite Economic Advisory Committee.

NaijaOnPoint Nigeria reports that in his determination to set the economy straight and create a sure future for all Nigerians, President Bola Tinubu on Sunday constituted a tripartite Economic Advisory Committee, comprising of the Federal Government, the sub-nationals and the Organised private sector.

This Nigeria news understands that Tinubu called the meeting, which attracted Governors, Ministers and major players in the private sector, to seek cooperation of drivers of the various segments of the nation aboard his economic growth and diversification plan.

According to reliable sources within the administration, the President’s objective of calling the meeting was to mobilise all stakeholders, especially the business class and Governors, around his administration’s policies and drive more investments from both local and foreign investors.

“It is essentially a meeting to seek the cooperation of the business community and mobilise them around government policies and drive more investments from both local and foreign investors.

“Some of them will also follow him to Qatar on State Visit and be part of the Business and Investment Forum in Qatar,” a source said.

Among those at the meeting were Vice President Kashim Shettima; Governors Dapo Abiodun (Ogun); Charles Soludo (Anambra); Chief of Staff to the President, Femi Gbajabiamila; Ministers of Finance and Coordinating Minister of the Economy, Wale Edun; Budget and National Planning, Atiku Bagudu; Agriculture and Food Security, Abubakar Kyari;Information and National Orientation, Mohammed Idris.

Some of the private sector players at the meeting include Chairman of the Dangote Group, Aliko Dangote; Chairman of BUA Group, Abdul Samad Rabiu; Chairman of Heirs Holdings, Tony Elumelu; Group Chief Executive Officer of Pandora Plc, Wale Tinubu; Managing Director of Matrix Group, Abdullabir Aliu; Chief Executive Officer of Financial Derivative Company, Bismarck Rewane; Director-General, Manufacturers Association of Nigeria (MAN), Segun Ajayi-Kadir, among others.

Addressing his invitees, Tinubu wasted no time in tabling his proposition before them, expressing concerns for the welfare of the ordinary Nigerians and the need for government at all levels to ensure they are not disappointed.

“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 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. ⁣

⁣”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. ⁣

⁣”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,” he said.

At the end of the meeting, some of the members of the newly constituted committee, who spoke to journalists, expressed optimism about the focus of their task and how it will affect the economy and touch on the lives of Nigerians.

Abiodun said Governors were resolved to work with the Federal Government in cushioning the current harsh economic realities, assuring that States will be coming out palliatives, including food items that will be sold at reduced rates.

Soludo said achieving all that were discussed and decided would require a concerted contribution of all Nigerians, disclosing that the meeting already unity of purpose.

He further pointed out that the committee will meet from time to time to evaluate progress of action plans.

Dangote expressed confidence that all that had been discussed could be achieved, saying “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.

“We discussed everything in details and there is 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, food security, coming from also reflected the economy.

“So, all these things they 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”, he said.

Speaking on the efforts to save the Naira’s integrity in the foreign exchange market Rabiu said the weakness of the local currency was artificial, which he said ongoing efforts at stabilising the FX market will correct.

“It was open, it was frank and it was exhaustive and some of the issues we discussed for example, like 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 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”, Rabiu said.

Elumelu said implementing decisions reached should propel the economy and ease hardship.

“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 propelled our economy and help alleviate the poverty in the land, help create employment and help put food on,” he said.