In a strategic move aimed at revitalizing the Nigerian economy, President Bola Ahmed Tinubu inaugurated the Presidential Economic Coordinating Council (PECC) on Thursday, July 4, 2024. The council, composed of key government officials and economic experts, is tasked with formulating and implementing policies to drive economic growth and stability.
The inauguration ceremony, held at the Presidential Villa, Abuja, underscores President Tinubu’s commitment to addressing the nation's economic challenges. The PECC will serve as the central body for coordinating economic policies and ensuring their alignment with the administration's broader goals.
In his keynote address, President Tinubu outlined the council's mandate to tackle issues such as inflation, unemployment, and economic diversification. He emphasized the importance of a cohesive and strategic approach to economic management, stating, "Our nation's economic future depends on our ability to work together, harness our resources, and implement policies that will lead to sustainable growth and prosperity for all Nigerians."
The PECC will be chaired by Vice President Kashim Shettima and includes prominent figures such as the Minister of Finance, Budget, and National Planning, Mr. Zainab Ahmed; the Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele; and other key economic stakeholders. The council will also engage with private sector leaders and international partners to ensure a comprehensive approach to economic development.
Vice President Shettima, in his remarks, highlighted the council's role in fostering economic resilience and inclusivity. "Our goal is to create an economy that works for everyone, where opportunities are abundant, and prosperity is shared," Shettima said.
The establishment of the PECC is part of President Tinubu’s broader economic reform agenda, which includes initiatives to boost infrastructure development, enhance agricultural productivity, and promote industrialization. The council will meet regularly to review progress and adjust strategies as needed to achieve the administration's economic objectives.
With the inauguration of the PECC, President Tinubu has taken a decisive step towards ensuring a coordinated and effective response to Nigeria's economic challenges, aiming to lay a solid foundation for long-term growth and prosperity.