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President Bola Ahmed Tinubu has approved the establishment of the Presidential Economic Coordination Council (PECC) and the formation of the Economic Management Team Emergency Taskforce (EET). This team included Dangote and Elumelu.
A strategic move aimed at strengthening the nation’s economic governance frameworks and ensuring robust and coordinated economic planning and implementation.
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President Tinubu has incorporated key figures from the private sector into the economic team, evidently aiming for a blend and cross-pollination of ideas.
The private sector representatives on the team include business magnates such as Aliko Dangote, top banker Tony Elumelu, another business icon Abdulsamad Rabiu, as well as other notable figures like Ms. Amina Maina Begun Ajayi-Kadir, Funke Okpeke, Doyin Salami, Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu, and Rasheed Sarumi.
According to a statement by Presidential spokesman Ajuri Ngelale, the PECC comprises distinguished leaders and key government officials, including the President of Nigeria, who serves as the chairman of the PECC, the Vice-President who serves as the Vice-Chairman of the PECC and chairman of the NEC, the Senate President, the chairman of the Nigeria Governors’ Forum, the coordinating minister for the economy and minister of finance, the governor of the Central Bank of Nigeria, the ministers of agriculture and food security, aviation and aerospace development, budget and economic planning, communications, innovation and digital economy, industry, trade and investment, labor and employment, marine and blue economy, power, petroleum resources, gas, transportation, and works.
Furthermore, Ngelale stated that the PECC would also include key members of the organized private sector, with individuals like Aliko Dangote, Tony Elumelu, Abdulsamad Rabiu, Ms. Amina Maina Begun Ajayi-Kadir, Funke Okpeke, Doyin Salami, Patrick Okigbo, Kola Adesina, Segun Agbaje, Chidi Ajaere, Abdulkadir Aliu, and Rasheed Sarumi joining for a period not exceeding one year, subject to the President’s directive.
In a bid to address immediate economic challenges and ensure the streamlined execution of economic strategies, President Bola Tinubu has established the Economic Management Team Emergency Taskforce (EET) with a mandate to formulate and implement a consolidated emergency economic plan.
The task force, composed of key government officials and industry leaders, aims to achieve economic resilience and growth through collaborative efforts.
The EET is tasked with submitting a comprehensive plan of economic interventions for 2024 to the PECC, covering the next six months, for immediate implementation within two weeks of its inauguration.
The EET, chaired by the coordinating minister for the economy and minister of finance, consists of members such as the minister of budget and economic planning, minister of power, minister of agriculture and food security, coordinating minister of health and social welfare, minister of industry, trade and investment, governor of the Central Bank of Nigeria, national security adviser, chairman of the Nigeria Governors’ Forum, governors of Anambra, Ogun, and Niger States, executives from relevant agencies, and notable figures like Dr. Bismarck Rewane and Dr. Suleyman Ndanusa.
The formation of the PECC, the creation of the EET, and the existing Economic Management Team reflect a unified strategy aimed at enhancing Nigeria’s economic management architecture for improved performance. These teams will complement existing economic governance structures, including the National Economic Council (NEC), chaired by the Vice-President.
Over the next six months, the EET will focus on rapidly implementing, monitoring, and evaluating critical initiatives to advance Nigeria’s economic objectives under the Tinubu-led administration’s collective approach.
