The Manufacturers Association of Nigeria (MAN) has commended the President Muhammadu Buhari led federal administration for the formation of an Economic Advisory Council (EAC), saying that it is both timely and commendable.
The association also said that the formation of the council is a clear demonstration of the determination of the president to re-energize the management of the economy in his second tenure in office.
This was conveyed in a Wednesday statement by the Director General of MAN, Segun Ajayi Kadir, a copy of which was sent to Shipping Position Daily.
The DG added that Nigerians and indeed the private sector are highly desirous of an effective and knowledge-driven team that will lead on the economic front.
“The beauty of this team, apart from their pedigree, is its composition of private sector citizens who we believe will operate independently and effectively. The team, we believe will not be shackled with the bureaucracy of government and hopefully the political interference and correctness of our clime. They are more likely to be receptive to a wide range of opinions and innovations, even if deferring from the norm”
He however said that MAN is charging that the team in partnership with private sector, should carry out a comprehensive review of current policy initiatives.
“MAN, therefore, proposes that the team in partnership with the private sector should carry out a critical and comprehensive review of the current policy initiatives that drive the actions of government and urgently harmonize the outcomes to craft an agenda that will guide the management of the economy going forward”
“Already on ground are policy initiatives such as the Nigerian Industrial Revolution Plan (NIRP), Economic Recovery and Growth Plan (ERGP) the 2020-2022 Medium Term Fiscal Framework and Fiscal Strategy. It behoves the Council to recommend pragmatic programmes that will improve upon the achievements already made in some areas such as Ease of Doing Business in the country”
“The EAC is coming on the heels of the promised National Action Committee on African Continental Free Trade Area (AfCFTA). The AfCFTA is unarguably the most pressing preoccupation of continental economic actors in Africa today. The right composition of the Committee will augur well for the needed synergy with the Council to boost our chances of being net gainers in the continental free trade area. We eagerly look forward to this prospect”
He said that the organized private sector particularly, MAN is eager to work with the council.
“Again, the fact that the EAC will have monthly technical sessions as well as scheduled quarterly meetings with the President may guarantee the attention of government and implementation of their advice”
“The organized private sector, particularly MAN, is adequately prepared and eager to engage the advisory council in a bid to achieve the desired growth and development of the nation’s economy” he concluded.
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