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The Manufacturers Association of Nigeria (MAN) has applauded the appointment of an Economic Advisory Council (EAC) to advise the president on economic matters, and requested the council to partner with the private sector in the discharge of its functions. MAN described the establishment of the council as timely, appropriate and demonstrated the president’s determination to re-energise the management of the economy.
The Federal Government announced Monday the dissolution of the Economic Management Team (EMT) headed by Vice President Yemi Osinbajo, and the appointment by President Muhammadu Buhari of the EAC, whose responsibility is to advise him on economic policy matters and also report directly to his office.
The advisory council is headed by Doyin Salami with members including Mohammed Sagagi (Vice-Chairman), Mohammed Adaya Salisu, Ode Ojowu, Shehu Yahaya, Iyabo Masha, Chukwuma Soludo, and Bismark Rewane
Segun Ajayi-Kadir, director-general of MAN, in a signed statement Tuesday, said that with members of the council comprising private sector players, the council would be able to operate independently and effectively. The council would also be more receptive to a wide range of opinions and innovations without being troubled with government and political interference, he said.
He requested the council to partner with the private sector and critically review policies that inform government actions and also work with an outline that would guide the actions of the economic managers in the future.
Ajayi-Kadir noted that while other policies such as the Nigerian Industrial Revolution Plan (NIRP), Economic Recovery and Growth Plan (ERGP), the 2020-2022 Medium-Term Fiscal Framework and Fiscal Strategy exist, the council should put in place logical and sustainable programmes that will improve the business environment of the country.
“The EAC is coming on the heels of the promised National Action Committee on African Continental Free Trade Area (AfCFTA). The AfCFTA is unarguably the most pressing preoccupation of continental economic actors in Africa today. The right composition of the Committee will augur well for the needed synergy with the Council to boost our chances of being net gainers in the continental free trade area. We eagerly look forward to this prospect,” he said.
“The Organized Private Sector, particularly MAN, is adequately prepared and eager to engage the Advisory Council in a bid to achieve the desired growth and development of the nation’s economy,” Ajayi-Kadir added.
