The Buhari Media Organisation (BMO) has described the newly constituted Economic Advisory Council (EAC) as a bold move by President Muhammadu Buhari to galvanise the country’s economic momentum and create a diverse philosophical dimension to the economy.
BMO said in a statement by its Chairman Niyi Akinsiju and Secretary Cassidy Madueke, that the composition of the advisory council shows the strategic thinking of the Buhari administration, devoid of partisan considerations.
It added that the development is a true reflection of the President’s second term campaign to take Nigeria to the next level, as well as build on the successes of the mid-term Economic Recovery and Growth Plan (ERGP).
“This is indeed the first time that any administration, since 1999,would be putting together an Economic Advisory Council of this nature, in terms of differences in tendency and orientation.
“These are men and women of great standing in their chosen fields who can best be described as high-profile global economists that could easily be part of any economic team anywherei n the world. Many of them have played key roles and held positions locally and internationally where they influenced major economic policies.
“And for President Buhari to have considered them worthy to be part of a team that would report to him, through the Vice President, shows his readiness to provide a platform for some of Nigeria’s best economists to pave way for robust policies for the country, as well as a policy redirection, if necessary.
“Just like many Nigerians, we are looking forward to the prospect of tough monthly technical sessions from this group of high calibre economists from a variety of backgrounds, who also have a brief to interact with relevant cabinet members and heads of monetary and fiscal agencies, in the course of carrying out their duty,” the group said.
BMO added that the President deserves commendation for picking a team that has at least two former Chief Economic Advisers to past Presidents, a former Governor of the Central Bank of Nigeria (CBN) and a one-time IMF representative to Sierra Leone, a team filled with talents from all parts of the country.
It said: “This team, headed by the renowned Professor Doyin Salami, is an embodiment of the strength of the Nigerian workforce which is universally acknowledged as one of the best in the world.
“Anyone in doubt of the President’s strategic mindset should take a second look at the profile of the man who is chairing the Council. Although he is a member of CBN’s Monetary Policy Committee, Salami has a rich background in consultancy for the Department for International Development (DFID), World Bank, United Nations Industrial Development Organisation (UNIDO), United States Agency for International Development (USAID) and recently served as Peer Reviewer for the International Finance Corporation’s (IFC) review of its Nigeria strategy.
“We acknowledge that he would not exactly be on a strange terrain as he was a member of the country’s Economic Management Team during the tenure of late President Umaru Musa Yar’Adua. Professor Salami also served as Vice-Chair (under the leadership of Alhaji Ahmed Joda) of the Transition Committee for President Muhammadu Buhari in 2015.
“The Vice Chairman, Mahmuda Sagagi,is a development consultant and economist who is bound to bring a
rich experience from the civil society, and his expertise in research and ability to conduct diagnostic studies to the team.
“It is also instructive that President Buhari opted to include the Obasanjo-era CBN governor, Professor Charles Soludo, who twice ran for elective position in Anambra State on the platforms of two different opposition parties. But this did not stop the President from naming him among the eight-member Council in his quest to have Nigeria’s best economists contribute to nation-building.
“in addition to these cerebral personalities are Ode Ojowu, the Professor of Economics who was the Chief Economic Adviser to the then President Olusegun Obasanjo in 2004 at a time Soludo was the CBN Governor, and Dr Iyabo Masha whose primary duty at the International Monetary Fund centred around the emerging markets of Asia and Africa. She was until August 2019 the IMF representative in Sierra Leone where she got plaudits for helping to stabilise, as well as grow that country’s economy.
“So there is no doubt that the President went to great lengths to pick a team with a robust background in development economics to provide him with quality advice on his next level agenda for the economy.
“For the avoidance of doubt,the decision to constitute this council is by no means a dent on the good work the Economic Management Team (EMT) did for four years especially as it was instrumental to putting together the ERGP that took Nigeria out of recession in record time.
“And as for people who also feel the advisory council is a way of reducing the duties of Vice President Yemi Osinbajo, we have it on good authority that this team would also be responsible to the VP who is an integral part of the Presidency.”
The group also noted that Professor Salami and his team are coming on board at a time the country is on a path of economic recovery, especially with the inflation rate at a 43-month low of 11.02%.
“It is more than a coincidence that Nigeria has recorded its lowest inflation rate since January 2016, barely 24 hours after the team was constituted. We see it as a good platform for the Salami-led team to build on and we are convinced that Nigeria would be better off for it,” BMO added.