President Bola Tinubu has taken a proactive step in addressing Nigeria’s economic challenges by establishing an Economic Advisory Committee. This committee, which includes representatives from the federal government, sub-nationals, and the private sector, aims to tackle the pressing issues of the falling naira exchange rate, rising inflation, and other economic headwinds that have exacerbated the cost of living crisis in the country.
President Tinubu’s decision to create this committee follows a meeting he held with prominent private sector leaders at the State House, Abuja on Sunday evening. The meeting was convened to address the growing concerns about the cost of living crisis and to explore collaborative efforts to mitigate its impact on the Nigerian populace.
The high-level meeting was attended by influential figures such as Aliko Dangote, Chairman of the Dangote Group, Tony Elumelu, Chairman of United Bank for Africa, and AbdulSamad Rabiu, an industrialist. These individuals, recognized for their substantial contributions to the Nigerian economy, were called upon to lend their expertise and insights in charting a path towards economic stability and improved living conditions for Nigerians.
In his remarks at the meeting, President Tinubu emphasized the urgent need for “additional efforts” to address the economic challenges facing the country and underscored the government’s commitment to ensuring a better economic future for all Nigerians. The President also expressed a keen interest in leveraging the wisdom and experience of both public and private sector leaders to navigate the current economic complexities.
The discussions at the meeting centered on key areas such as enhancing the economy, bolstering food security, and strengthening national security. These crucial topics reflect the multifaceted approach needed to tackle the prevailing economic difficulties and ensure the well-being of citizens across Nigeria.
The formation of the Economic Advisory Committee signifies a collaborative approach by the government, private sector, and sub-national entities to address the economic challenges that have led to the cost of living crisis. The involvement of key stakeholders from these sectors underlines the concerted effort towards finding sustainable solutions and implementing impactful measures.
President Bola Tinubu’s engagement with private sector leaders and the subsequent establishment of an Economic Advisory Committee demonstrate a proactive and inclusive approach towards addressing the pressing economic concerns in Nigeria. As the committee begins its work, it is anticipated that its recommendations and actions will contribute to the stabilisation of the economy and the alleviation of the cost of living crisis, ultimately paving the way for a more promising economic future for the nation.
