• Shettima promises continuous stability of naira
• Aide canvasses inclusion for economic prosperity
To boost the economy, President Bola Tinubu, yesterday, established a comprehensive economic coordination and planning system for the country.
A statement by his spokesman, Ajuri Ngelale, revealed that three key economic committees were constituted, with the President heading the 31-man Presidential Economic Coordination Council (PECC) while the Minister of Finance and Coordinating Minister of the Economy, Wale Edun, is chairing both the 19-man Economic Management Team Emergency Taskforce (EET) and the 14-man Economic Management Team.
Tinubu approved the constitution of the committees in a strategic move to enhance economic governance frameworks and ensure robust and coordinated economic planning and implementation.
Other members of the PECC include Vice President Kashim Shettima as Vice Chairman; President of the Senate; Chairman, Nigeria Governors’ Forum; Minister of Finance and Coordinating Minister of the Economy; Governor of the Central Bank of Nigeria; Ministers of Agriculture and Food Security; Aviation and Aerospace Development and Budget and Economic Planning.
The rest are Ministers of Communications, Innovation and Digital Economy; Industry, Trade and Investment; Labour and Employment; Marine and Blue Economy; Power; State, Petroleum Resources; State, Gas; Ministers of Transportation and Works.
The PECC, which also comprises 13 key members of the organised private sector, joining for a period not exceeding one year, subject to the President’s directive include Aliko Dangote; Tony Elumelu; Abdulsamad Rabiu; Amina Maina; Begun Ajayi-Kadir; Funke Okpeke and Dr. Doyin Salami.
Others from the private sector are Patrick Okigbo; Kola Adesina; Segun Agbaje; Chidi Ajaere; Abdulkadir Aliu and Rasheed Sarumi.
To further address immediate economic challenges and ensure streamlined execution of economic strategies, the EET is mandated to formulate and implement a consolidated emergency economic plan.
The task force consists of key government officials as well as industry leaders in furtherance of the President’s collaborative approach towards achieving economic resilience and growth.
The EET is now ordered to submit a comprehensive plan of economic interventions for 2024 to the PECC, covering the next six months, for immediate implementation within two weeks of its inauguration.
Other members of the EET, which will meet twice weekly, include Ministers of Budget and Economic Planning; Power; Agriculture and Food Security; Health and Social Welfare; Industry, Trade and Investment; CBN Governor; National Security Adviser; Chairman, Nigeria Governors’ Forum and Governor of Anambra State.
The rest are 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), established in October 2023, and chaired by Edun, would serve as the working group under the PECC, playing a crucial role in the economic governance structure established by the President.
The EMT traditionally meets monthly or as required, but will now suspend its meetings for the duration of the EET’s six-month mandate.
The formation of these teams would complement existing economic governance structures, including the National Economic Council (NEC), which is chaired by the Vice President.
Over the next six months, the EET would focus on the rapid implementation, monitoring and evaluation of critical initiatives, as well as strengthening the Tinubu-led administration’s collective approach to advancing Nigeria’s economic objectives.
Similarly, Vice President Kashim Shettima has assured of continuous stability of the Naira in the coming weeks and months.
He pledged during the inauguration of the National Design and Innovation Competition in Abuja.
The News Agency of Nigeria (NAN) reports that the event was organised by the Interior Designers Association of Nigeria (IDAN) to spur entrepreneurship and creative ventures among youths.
NAN recalled that in February, the Naira exchanged for as high as N1900 to a dollar, but the currency had gradually appreciated following some monetary policies formulated by the government.
The Naira is currently exchanged at N1396 to a dollar in the official market and N1390 in the parallel market.
The Vice President assured that the government will continue to implement policies and programmes to stabilise the currency.
Shettima equally promised that President Bola Tinubu’s administration would keep addressing issues of food, nutrition and insecurity.
He commended the pivotal role of youths in creativity, assuring them of support.
The number two citizen announced plans to include young innovators in the government’s $617.7 million Investment in Digital and Creative Enterprises (i-DICE) programme.
Earlier, the leader of the delegation and founder of IDAN, Titi Ogufere, unveiled a move to train one million youths in furniture production and industrial design.
According to him, the training would be conducted in collaboration with the Federal Ministry of Arts, Culture and Creative Economy.
Besides, Special Adviser to the President on Ease of Doing Business, Dr. Jumoke Oduwole, has stressed inclusion as an important tool that must be leveraged to transform the economy and deliver prosperity for the country.
She described inclusion as a practice or policy of providing equal access to opportunities and resources for people, who might otherwise be excluded or marginalised, especially those with physical or intellectual disabilities and members of other minority groups.
Oduwole submitted yesterday at the Women in Business luncheon series organised by the Franco-Nigeria Chamber of Commerce and Industry (FNCCI) in partnership with Zenith Bank Plc in Lagos.
She noted that organisations needed to leverage their key resources to achieve growth at all levels.
Lagos State Commissioner for Commerce, Corporative, Trade and Investment, Mrs. Folashade Ambrose-Medebem, said it would take 300 years to close the gender gap, pointing out that it takes all to achieve inclusion in the society.
She noted that Lagos is not an economic part of Nigeria, but a diverse city of opportunities.
According to her, the state has put in place the right environment for women entrepreneurs to thrive.
Founder/Executive Vice Chairman, Emerging Africa, Dr Toyin Sanni, said driving sustainable development through inclusive business practices includes opportunities involving women’s inclusion.
Inclusion, she added, does not only help businesses achieve diverse perspectives and innovation but also promotes employee engagement, as well as business reputation and brand enhancement.
Executive Director, Zenith Bank Plc, Adobi Nwapa, submitted that women are constantly redefining the scope of businesses and excelling in all walks of life.
She said celebrating diversity is another key thing in businesses, stating that the bank lives towards empowering women in all spheres of life.
Consul General of France, Laurent Favier, noted that the equality of women to men stands as a goal to success and promotion of good governance.
He said Nigerians must always strive towards women empowerment and gender sensitivity in all their endeavours.
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