It’s time to move on to action and words

President Bola Tinubu recently inaugurated the Presidential Economic Coordination Council (PECC) which will develop new strategies to revive the faltering economy. The PECC was established in March with the president as its chairman. At the inauguration ceremony in Abuja, the president listed the challenges and tasks facing the council members which include advising the federal government on the type of policies to be implemented and the best way to implement them in the best interest of the nation and the people.

PECC members were also urged to ensure that the government achieves its target of 2 million barrels per day of crude oil production. The president announced a N2 trillion package to stabilise the economy. This includes N350 billion for health and social welfare, N500 billion for agriculture and food security, N500 billion for the power/energy sector and N650 billion for general business support.

The stimulus package is commendable. However, we appeal for its smooth implementation. Nigerians expect good results from this initiative. Agriculture is one of the areas that PECC should give due attention without neglecting other sectors of the economy. There is no doubt that Nigeria can feed its population if agriculture is given priority. Members The PECC, drawn from government and the private sector, includes Dangote Group Chairman Aliko Dangote, United Bank for Africa Plc Chairman Tony Elumelu, Financial Derivatives CEO Bismarck Rewane, Prof. Doyin Salami and others. They will serve for a one-year term. In addition to the president, government officials on the council include the vice president, Senate president and governor of the Central Bank of Nigeria (CBN), and ministers of agriculture and food security, aviation and space development, budget and economic planning and others. The council will report to the president monthly.

We commend the government for appointing an economic council comprising distinguished and experienced Nigerians from the public and private sectors. Indeed, some of them served in the previous economic teams of both Goodluck Jonathan and Muhammadu Buhari. We hope that the contributions of the council members will help rejuvenate the economy. For the economy to be revitalized, the president should listen to them and implement some of their recommendations.

The economy is in a dire state and urgently needs to be revitalized. Unfortunately, time is running out. It is appropriate that the President has tasked PECC members with taking a close look at what his administration is doing to revive the economy. In doing so, we urge members to view their role as a privileged national service and a unique opportunity to chart a new economic path for the country.

We call on the Council members to tell the government the truth, without fear or bias. Any government economic policy that is not working should be reviewed or rejected. Economic reorganization is possible within an acceptable time frame. It will not be unlimited. It is clear that some uncoordinated government policies have contributed greatly to the poor state of the economy.

They have also led to the withdrawal of many multinational corporations, stifling business and foreign investment inflows, which ultimately led to the current difficulties in the country. If the economy is to recover from its current problems, it is time to get down to business and build an economy with clear goals aimed at diversifying the economy away from oil. Our over-reliance on oil has been the economy’s biggest undoing.

The focus now should be on developing the non-oil sector, including the neglected agriculture and solid minerals sectors, where foreigners and illegal miners have a chance to play. The government’s efforts to develop the solid minerals sector are encouraging. However, they need more verve and momentum. The business environment should be attractive and friendly, and also provide incentives for new investors. At present, our business environment is stifled and choked by unfavourable policies, including multiple taxation and slow pace of implementation of ease of doing business.

The current 30 percent interest charged by banks under the watchful eye of the CBN led by Cardoso will stifle economic growth and should be urgently reviewed. High interest rates will certainly stifle economic growth and the creation of more jobs. Above all, the board should do everything possible to revamp the manufacturing sector.