Nigerian President Bola Ahmed Tinubu, in response to the escalating economic challenges facing Nigerians, convened a high-profile meeting on Sunday at the Presidential Villa in Abuja, featuring key figures from the organised private sector.
Among the prominent attendees were Alhaji Aliko Dangote, President of Dangote Group; Tony Elumelu, Chairman of Heirs Holdings and Transcorp Plc; Abdulsamad Rabiu, Chairman of BUA Group; Wale Tinubu, and other influential members of the private sector.
The urgency of the meeting is underscored by the profound economic hardships confronting Nigerians, largely attributed to the steep rise in the exchange rate of the US dollar to the Nigerian naira. According to recent data gleaned from FMDQ, the naira experienced a significant depreciation, closing at N1,665.50 per US dollar on Friday, compared to N1571.31 the previous day, accentuating the economic strain felt across the nation.
Furthermore, against the backdrop of these challenges, the Central Bank of Nigeria (CBN) has introduced sweeping policy guidelines aimed at Bureau de Change operators (BDCs). These guidelines include stringent measures such as a ban on street trading and the imposition of fresh per capita share requirements for registration.
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Commenting on the dire situation, Alhaji Aliko Dangote remarked, “The current economic climate demands swift and decisive action from both the public and private sectors. We must collectively address the root causes of these challenges and work towards sustainable solutions that will alleviate the burdens faced by Nigerians.”
Tony Elumelu echoed similar sentiments, emphasizing the need for collaborative efforts to stabilize the economy and restore confidence among citizens and investors alike.
One of the business leaders who attended the meeting told our reporter, “the meeting was a good start. The president was very engaging and it is good to add one more layer to those who the president is listening to. Today was not about solving all the problems of Nigeria but everyone spoke with one voice which is good.
“Today, we have a bad FX situation, an alarming food inflation driven by the FX crisis. Nigeria must solve its FX problem and this came out clearly during the meeting. I imagine that at the next meeting, the steps that need to be taken can be tabled”.
Asked if he was hopeful, the business leader said, “the usual problem with Nigeria is that of execution but today we discussed security and other issues. There will be pain on all sides. Government will demand sacrifice from the people and so the government also must give something.”
The president also announced that he was setting up an economic management team.
List of those invited to the meeting holding at the villa
The people expected at the meeting include : Aliko Dangote, Femi Otedola, Amina Maina (VP NESG), Boye Olusanya (Flour Mills), Segun Ajayi-Kadir (DG MAN), Tony Elumelu, Bismarck Rewane, Samaila Zubairu (AFC), Innocent Chukwuma (Innoson), Jubril Adewale Tinubu, H.E. Charles Soludo, Anambra State Governor, H.E Dapo Abiodun, Ogun State Governor, Olayemi Cardoso, CBN Governor, Kola Adeshina and Abdulkabir Aliu.
The outcome of the emergency meeting remains keenly anticipated, with expectations high for concrete strategies and initiatives aimed at mitigating the adverse effects of the economic downturn and fostering long-term prosperity for Nigeria.
