Economic Advisory Council raises alarm over slow rate of economic growth

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The Economic Advisory Council (EAC), on Thursday, raised concern about the slow rate at which the nation’s economy is growing.

The team called President Muhammadu Buhari’s attention to the situation during a meeting held at the Presidential Villa, in Abuja.

Led by Professor Doyin Salami, the eight-member council noted that the economy was improving at a slower pace compared to that of the nation’s population.

Presenting their report, Professor Salami, supported by interventions by Council members, responded to questions by the President and his team.

They outlined some of the challenges facing the economy and proffered solutions to most of them.

The Way Forward

The Council asked the Federal Government to strengthen national statistical agencies, reform procurement processes, improve education.

It also stressed the need for job planning in training offered by academic institutions.

EAC also brought to the government its views on borrowing, macroeconomic stability, and the need to provide a friendly climate for foreign investment.

“We need an environment that will attract investment. People will come only when they feel confident and when they come, their exit will not be challenging,” said Professor Salami.

The council also resolved to focus on legacy projects by the administration before 2023.

In his response, President Buhari gave a firm commitment that his administration would be bound by the council’s advice on economy-related matters.

He, therefore, gave the first directive from EAC’s recommendations that the Secretary to the Government of the Federation, Mr. Boss Mustapha, should urgently address the lapses observed in coordination between ministries and all agencies of the government.

“The lack of synergy between Ministries, Departments and Agencies (MDAs) would no longer be accepted,” the President warned in a statement by his media aide, Garba Shehu.

He added, “We are working for the country, not for personal interests. We have the same objective of service to the people and we will resolve this.”

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