Economic Advisory Counsel tells Buhari what to do, for Nigeria to attract foreign investments

The Economic Advisory Council (EAC) on Thursday told President Muhammadu Buhari that Nigeria needed an environment that would attract investment.

The eight-member council led by its Chairman, Professor Doyin Salami made this known to Buhari when they presented the council’s quarterly report to the President at the Presidential Villa.

The EAC also pointed out that there had been lack of synergy between Ministries, Departments and Agencies (MDAs).

Details of the meeting was stated in a statement by Buhari’s Senior Special Assistant on Media and Publicity, Garba Shehu.

EAC was set up by Buhari to replace the Economic Management Team (EMT) led by Vice President Yemi Osinbajo.

Submitting their report, Professor Salami, supported by interventions by the council members, responded to questions by the President and his team in which they outlined a number of challenging opportunities facing the economy, and proferred solutions to most of them.

In addition to the issue of synergy which the President addressed at the meeting, the council raised concerns that the rate of the growth of the economy is slower than the rate the country’s population is growing; the need to strengthen national statistical agencies; reform procurement processes; improve education; and the need for job planning in training offered by academic institutions.

The council also brought to the government their views on borrowing, macroeconomic stability and the need to provide a friendly climate for foreign investment.

“We need an environment that will attract investment. People will come only when they feel confident and when they come, their exit will not be challenging,” said Professor Salami.

The council resolved to focus on legacy projects by the administration before 2023.

President Buhari, in his remarks, after listening to the report of macroeconomic importance and their views and recommendations, assured the council that his administration would be bound by their advice on economy related matters.

President Buhari gave the first directive from their recommendations that the Secretary to the Government of the Federation, Boss Mustapha, to immediately address the observed lapses in coordination between government MDAs. .

Buhari said that “the lack of synergy between Ministries, Departments and Agencies would no longer be accepted. We are working for the country, not for personal interests. We have the same objective of service to the people and we will resolve this.”

Reviewing the work of the council since its inauguration to replace the EMT, Buhari said, “I am highly pleased based on what I have read in your Executive Summary with the painstaking thoroughness of your preliminary report. I have noted the salient points of your report and these will be incorporated in government economic policies.”

Speaking about the challenges facing the economy and the tasks that rest on the shoulders of the members, the President noted that “the economy is the most delicate and sensitive of all aspects of national life. A little change in the matrix can lead to major disruptions in the national economy. For example, international changes in oil prices, bad harvests, conflicts in strategic global locations, a major epidemic or pandemic like the current Coronavirus, tariff changes in major world economies, to mention only a few examples that readily come to mind, can significantly affect our plans.”

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President Buhari, who accepted that the EAC should now brief him more frequently, at least once every six weeks, instead of once every quarter, thanked the members for their patriotism and commitment in accepting the challenging responsibilities conferred on them.

“I cannot thank you enough for your patriotism,” he said.

Aside Professor Salami, other members of EAC are Dr Mohammed Sagagi, Vice-Chairman; Professor Ode Ojowu, Dr Shehu Yahaya, Dr Iyabo Masha, Professor Chukwuma Soludo, Dr Bismack Rewane and Dr Mohammed Adaya Salisu.

The two ministers in the Ministry of Finance also serve as co-opted members.

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