…lists food security, job creation, others
Members of the Organised Private Sector, OPS, the Nigeria Economic Summit Group, NESG, Nigeria Employers Consultative Association, NECA, yesterday rolled out priorities for the successful implementation of the Federal Government’s Roadmap for reviving the Economy.
The priorities, they said, include specific national targets for each of the eight priority focus of the roadmap, complete fine-tuning of policies and repositioning of institutions in the next three months, and strong coordination to avoid inter-ministerial misalignments in the implementation of the roadmap.
Briefing State House correspondents at the end of the inaugural Federal Executive Council, FEC, meeting on Monday, presided over by President Bola Tinubu at the Council Chamber, Presidential Villa, Abuja, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, had said: “FEC examined eight priority areas and identified targets to deliver in the next three years.
“Essentially we went through an exercise of looking at where things stood, regarding the economy, the growth rate, the exchange rate, inflation, unemployment and so on.
“The overriding conclusion is that we’re not where we should be and we also examined the President’s eight-point agenda, that is the eight priority areas for moving the Nigerian economy forward and for delivering to Nigerians.
“They are basically food security; ending poverty, economic growth and job creation, access to capital, particularly consumer credit, inclusivity in all its dimensions, particularly as regards youths and women, improving security, improving the playing field on which people and particularly companies operate, rule of law, and, of course, fighting corruption.”
FG should set national target for priorities areas — NESG
Reacting to this yesterday, the Nigerian Economic Summit Group, NESG, said the unveiling of the eight-point agenda is a welcome development, adding that the Federal Government should set specific national targets for each of the eight priority areas listed in the economic blueprint announced on Monday.
The group also advised that implementation of the blueprint should commence with fine-tuning of policies and repositioning of institutions within the next three months.
Disclosing the position of the NESG to Vanguard, the Chief Executive Officer, Dr. Tayo Aduloju, said: “The Nigerian Economic Summit Group welcomes the unveiling of the eight priorities of the President Bola Tinubu agenda, which thematically touches the nerve points of the country’s development problematique, especially as they accentuate the broad national strategic policy framework within which the administration’s performance will be measured.
“To hit the ground running, we would like to urge the new ministers and members of the Federal Executive Council to accelerate the comprehensive review of extant policies and plans to bring them up to par with the aspirations of the administration’s Renewed Hope Agenda.
“Accordingly, the NESG is looking forward to a vibrant, participatory, rigorous process, led by the new ministers in setting key national targets for each of the eight priority areas, based on revised macroeconomic assumptions and a medium-term fiscal framework that matches the ambition and aspirations of government’s agenda, with the values and principles of ‘improved livelihoods, economic outcomes, harnessing human capital and a “fairer and safer playing field for all.”
The NESG agrees that these values and principles of reforms will serve Nigeria well as we move forward.
“As the government settles down to the monumental task at hand, NESG looks forward to co-hosting the 29th Nigerian Economic Summit with our public sector partners and leveraging October 2023 convening for aligning policies, designing robust programmes, driving execution frameworks and holding all critical actors accountable for results and positive socio-economic outcomes.
‘Re-calibrate Nigeria for success’
“We urge the cabinet to use the opportunity of the mid-point review of the National Development Plans and the Sustainable Development Goals to recalibrate the country for success, complete the finetuning of policies and repositioning of institutions in the next three months, so that the next three years are spent in execution mode, not ‘review mode’.
“On our part, NESG commits to being a dialogue partner, connector, intervener and critical watchdog as we work together through the co-creation process of public-private dialogue towards the development of a more competitive, inclusive and sustainable Nigerian economy.”
Strong coordination among ministries critical – NECA
On its part, the Nigeria Employers’ Consultative Association, NECA, also lauded the eight-point agenda as enumerated by the Federal Government to revive the nation’s ailing economy, saying, however, that the key to its success lay in partnership with Organised Private Sector, OPS, and strong coordination among the ministries.
NECA’s Director-General, Mr. Adewale-Smatt Oyerinde, in his reaction, said: “We commend the eight-point Agenda as presented by the government, as they tend to be fundamental to the revival of the economy.
‘’While the Agenda was succinct and addresses the core issues that the nation currently faces, we urge that strong coordination efforts should be put in place to avoid it being caught up in inter-ministerial misalignments and narrow implementation as witnessed in past administrations”
“Key success factors for the eight-point Agenda will be how well the government coordinates the activities of the ministries to complement each other, rather than the numerous contradictions we witnessed in the past, the level of engagement with critical stakeholders, including the Organized Private Sector and the formulation of a performance tracking metrics to assess the performance of each Ministry, Department, and Agencies, MDAs.
“It is instructive to note that about 60 per cent of the eight-point Agenda will need the critical input of the private sector, thus it will be in the interest of the government to give due attention to the survival of the private sector in order for the eight-point Agenda to become a reality.
While the challenges we currently face are multi-dimensional, it is imperative to apply a multi-dimensional approach to resolving them.”
Nationwide security is a precondition for success — Adonri
In his reaction, David Adonri, Vice Chairman, Highcap Securities, described the 8-point agenda rolled out for turning the Nigerian economy around in three years by President Tinubu as an encouraging statement of intent, saying the items appeared to have been carefully selected to address the basic challenges of the economy.
He noted that matching the goals with the National Development Plan (NDP 21/25) would be a good starting point and basis for implementation.
According to Adonri, the establishment of nationwide security is a condition precedent to achieving results. “If the president can proceed on the agenda with exceptional will and iron determination, he can deliver sustainable development derived from unlocking domestic natural and human resources, and non-debt capital.
“However, most of these promises were made but unfulfilled by the last administration. Time will tell whether President Tinubu means his words or that they are mere political rhetoric.
“Meanwhile, the decisive precision with which he initiated market reforms gives hope that he may be a serious leader,” he said.
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