By William Emmanuel Ukpoju
In a move to address Nigeria’s economic challenges, President Bola Tinubu has inaugurated the Presidential Economic Coordination Council (PECC) and launched the Economic Stabilization Programme. The programme aims to ensure food security, improved power supply, enhanced social welfare and healthcare, increased energy production, and overall economic transformation.
Speaking at the inaugural meeting, President Tinubu emphasized the need for innovative solutions and public-private partnerships to drive economic reforms. He announced measures to stabilize the economy, enhance job creation, and foster economic security, including increasing on-grid electricity to 6 gigawatts, oil production to 2 million barrels per day, and removing barriers to entry for investments in the energy sector.
The Economic Stabilization Programme also focuses on agriculture and food security, health and social welfare, and fiscal measures to improve access to finance for MSMEs and the manufacturing sector. The programme aims to create 4.7 million direct and indirect jobs over six to 12 months.
Vice-President Kashim Shettima emphasized the President’s commitment to proffering solutions, not apportioning blame. The Coordinating Minister of the Economy and Minister of Finance, Mr. Wale Edun, presented the highlights of the Accelerated Stabilization and Advancement Plan, which details economic issues to be resolved in 2024.
The PECC comprises 31 members, including the Senate President, Speaker of the House of Representatives, Chairman of the Nigeria Governors Forum, twelve ministers, and the Governor of the Central Bank of Nigeria, as well as prominent private sector leaders.
This ambitious programme marks a significant step towards addressing Nigeria’s economic challenges and driving economic growth and development. With the President’s commitment and the collaborative efforts of the public and private sectors, Nigeria may be on the way to economic transformation.
