Jan 15, 2009, 17:58

I welcome you all to the formal inauguration of the Presidential Steering Committee on the global economic crisis.

This Committee was set up to evolve and drive the framework for our proactive response to the challenges posed by the on-going global economic crisis on our national economy in a holistic and coordinated manner. Another underlying reason for this Committee stems from my conviction that every challenge has within it, an opportunity waiting to be exploited and maximized.

Given the reality of the interdependence of world economies, our national economy is clearly not immune from the adverse effects of the uncertainty and instability in international currency and commodity markets. Crude oil price swings portend adverse implications for our fiscal outlook; we are witnessing falling external reserves and marked depreciation of the Naira.

Efforts have been made to shore up investors’ confidence in the economy through appropriate budgetary interventions and requisite monetary policy. However, in order to effectively strengthen our financial sector, protect the integrity of our financial markets, and restore investor confidence in our economy, more comprehensive practical and focused measures need to be evolved.

The Presidential Steering Committee, which will meet as frequently as necessary, has been set up to properly appraise the implications of the global economic crisis for Nigeria and to formulate appropriate policy responses in the short to medium and long terms. It is also expected that we would be able to work out means of maximising the opportunities provided by the current global economic conditions.

The Steering Committee will be supported by a reinvigorated and reconfigured Economic Management Team (EMT) chaired by the Minister of Finance. It is expected that the EMT, which will meet fortnightly, will provide input for the work of the Presidential Steering Committee – the apex decision making body with respect to our national economy.

The Committee’s terms of reference are:

1 To assess the impact of the impact of the global economic crisis on the Nigerian economy with particular reference to the annual budget, as well as the financial and commodity markets.

2 To recommend appropriate macro-economic policy responses that can further stimulate the economy.

3 To identify practical measures aimed at shoring up the confidence of investors and the general populace in the economy, and increasing growth in the real sector.

4 To examine the related issues of unemployment, poverty, global food crisis, and ensuring a sustainable debt position.

5 To consider and make general recommendations on any other relevant issues.

The critical importance of the Committee’s work has informed my decision to personally chair its deliberations.

I have implicit confidence in the capacity of the tried, tested, and committed Nigerians who constitute this committee to make a success of this national call to duty.

It is now my honour to formally inaugurate the Presidential Steering Committee. Thank you.
 

President Yar’Adua inaugurates National Economic Council
Sep 4, 2007, 12:28

President Umaru Musa Yar’Adua has inaugurated the National Economic Council (NEC) on August 4 in Abuja.

The President while welcoming members of the council to the meeting being the first under his Administration noted that, NEC is charged with the responsibility of advising the President on the economy as well as national economic policies and programmes in line with the 1999 Constitution of the Federal Republic of Nigeria.

The body equally considers recommendations emanating from lower planning bodies such as the Joint Planning Board and the National Council on Development Planning.

He noted that the Constitution charged NEC with roles that are very critical to the attainment of the rapid growth and development of the Nigerian economy, which his Administration is unwaveringly committed to.

“Since the day we were inaugurated into office, we have steadfastly reiterated our pledge to transform ours into a world class economy; one that would be ranked among the top 20 in the world by 2020.”

President Yar’Adua said that transforming this commitment into concrete reality will require the dedication, focus, and collective will of all whom Nigerians have given charge of directing the course of the nation’s restoration.

He expressed his conviction that, given the richly diverse experiences of its membership, the Council has all that is required to be the architect of the roadmap that will lead Nigeria to greater heights.

He assured the council of the unequivocal support of the Federal Government, as it deliberates on issues of strategic economic importance to the nation.