The Council includes a mix of government officials, top private sector players, and consultants, such as Aliko Dangote, President of Dangote Industries Limited; Tony Elumelu, Chairman of the United Bank of Africa; and Bismarck Rewane, CEO of the Financial Derivatives Company Limited.

Briefing State House Correspondents after the inauguration, Minister of Finance and Coordinating Minister of the Economy, Wale Edun, stated that the Council will meet and report to the President monthly.

According to Edun, President Tinubu presented the PECC with the outcomes of his accelerated, stability, and advancement plan, which is an emergency plan to cover the next six months. The Council is also to galvanize the administration’s target of increasing crude oil production to two million barrels per day.

READ ALSO: Tinubu Inaugurates 31-Member Presidential Economic Coordination Council

Edun announced that the plan involves a ₦2 trillion package aimed at stabilizing the economy, which includes:

• ₦350 billion for Health and Social Welfare
• ₦500 billion for Agriculture and Food Security
• ₦500 billion for the Energy and Power sector
• ₦650 billion for general business support

He further explained that the Federal Government is focusing on boosting agricultural production to ensure food security.

Billionaire business tycoon and Africa’s richest man, Aliko Dangote, assured Nigerians that the PECC would develop measures to help the economy bounce back in the shortest possible time. Tony Elumelu commended the President for constituting the Council and pledged the private sector’s commitment.

READ ALSO:Top Performing Ministers in Tinubu’s Cabinet

Other members of the 31-member Council include Senate President Godswill Akpabio; Speaker of the House of Representatives, Tajudeen Abbas; Chairman of the Nigeria Governors Forum, AbdulRahman AbdulRazaq; 12 ministers; and Governor of the Central Bank of Nigeria (CBN), Olayemi Cardoso.

Members from the Organised Private sector include Alhaji Abdul Samad Rabiu, Ms. Amina Maina, Mr. Segun Ajayi-Kadir, Dr. Funke Opeke, Dr. Doyin Salami, Mr. Patrick Okigbo, Mr. Kola Adesina, Mr. Segun Agbaje, Mr. Chidi Ajaere, Mr. Abdulkadir Aliu, and Mr. Rasheed Sarumi.

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President Tinubu Hosts Private Sector Leaders in Crisis Meeting Over Nigeria’s Economic Challenges

Nigerian President Bola Ahmed Tinubu convened a crucial meeting at the Presidential Villa in Abuja on Sunday, gathering prominent figures from the organized private sector to address the country’s escalating economic difficulties.

READ ALSO: BREAKING: Tinubu Sets up Tripartite Economic Advisory Committee

Key attendees included Alhaji Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Wale Tinubu, and other influential private sector leaders.

The urgency of the meeting stems from the severe economic hardships facing Nigerians, exacerbated by the sharp depreciation of the naira against the US dollar. Recent data from FMDQ revealed a significant drop, with the naira closing at N1,665.50 per US dollar on Friday.

In response to these challenges, the Central Bank of Nigeria (CBN) has implemented stringent policy guidelines targeting Bureau de Change operators, including banning street trading and imposing new per capita share requirements for registration.

READ ALSO: ‘We’re Unaware of Hike in Cement Price’ – Dangote Group

Alhaji Aliko Dangote emphasized the need for swift and decisive action from both the public and private sectors to address the root causes of the challenges and alleviate the burdens faced by Nigerians. Tony Elumelu echoed similar sentiments, stressing the importance of collaborative efforts to stabilize the economy and restore confidence among citizens and investors.

The meeting, attended by a select group of industry leaders and government officials, aims to devise concrete strategies and initiatives to mitigate the adverse effects of the economic downturn and foster long-term prosperity for Nigeria.

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