The Nigeria Employers’ Consultative Association (NECA), the umbrella body for Organised Private Sector (OPS), on Tuesday commended President Muhammadu Buhari for constituting new Economic Advisory Council.
Mr Timothy Olawale, Director-General of NECA, said in Lagos that Buhari had taken a bold step in overhauling the management of the nation’s economy by constituting the council.
The advisory council which has Prof. Doyin Salami as Chairman and Dr Mohammed Sagagi as Vice Chairman would replace the current Economic Management Team (EMT) headed by Vice President Yemi Osinbajo.
The council would report directly to Buhari and advise him on economic policy matters, including fiscal analysis and economic growth.
It is also expected to advise the president on a range of internal and global economic issues while working with relevant cabinet members and heads of monetary and fiscal agencies.
The EAC would have monthly technical sessions as well as scheduled quarterly meetings with the president and its chairman could request for unscheduled meetings if the need arises.
Salami is also a Senior Lecturer at the Lagos Business School and former member of Monetary Policy Committee of the Central Bank of Nigeria.
Olawale said that composition of the council was robust; comprising seasoned professionals with expertise in areas such as fiscal policy, monetary, industrial policy, trade and energy economics.
“In a time like this, the country needs to fight head on the ills of poverty, unemployment and achieve significant economic growth.
“As a nation, we have never been short of ideas or policies. The crux is necessary reforms and implementations of the policies in the country,” Olawale said.
According to him, this is needed most, especially in creating enabling environment for businesses to thrive and contribute their quotas to the national development through jobs creation.
He said that with the council reporting directly to the president, it would be able to focus on execution and achievement of targets set by the presidency.
The NECA director-general said that during the previous administrations, such council would have had consultations regularly with the OPS for sectorial related issues.
He urged the council to embrace the consultative fellowship to achieve the desired goal of economic development.
Olawale also advised the government and Nigerians to give the council needed support and encouragement to effectively deliver on the assignment.
