President Bola Tinubu has taken a significant step in reshaping Nigeria’s economic landscape by establishing two key bodies aimed at driving economic growth and resilience in the country. In a move to tackle the challenges facing the nation head-on, Tinubu has set up a 31-man Presidential Economic Coordination Council and a 19-member Economic Management Team Emergency Taskforce.
The Presidential Economic Coordination Council, led by Tinubu himself, includes key figures such as the Vice President, Senate President, and Chairman of the Nigerian Governors Forum. This council comprises 13 ministers, the Central Bank of Nigeria Governor, and prominent figures from the private sector, including Aliko Dangote and Tony Elumelu.
On the other hand, the Economic Management Team Emergency Taskforce, approved by the Federal Executive Council, is mandated to meet twice weekly and submit a comprehensive six-month economic intervention plan for 2024. This taskforce consists of ministers, governors, and members of the economic management team, with a focus on immediate implementation within two weeks of its inauguration.
These initiatives come in the wake of Tinubu’s previous economic reforms, such as discontinuing petrol subsidies and unifying foreign exchange rates. While these measures initially led to currency instability and rising food prices, recent developments have seen the naira strengthen against the US dollar.
The goal of these newly established bodies is to ensure robust and coordinated economic planning and implementation, with a focus on achieving economic resilience and growth. The Economic Management Team, chaired by the Coordinating Minister for the Economy and Minister of Finance, will play a crucial role in advancing Nigeria’s economic objectives over the next six months.
Overall, Tinubu’s strategic approach to economic governance aims to enhance Nigeria’s economic management architecture and drive verifiable improvements in performance. By bringing together key stakeholders from the government and private sector, these initiatives signal a unified strategy towards economic development in Nigeria.
