The Federal Executive Council (FEC) has introduced a three-year economic revival plan to address Nigeria’s social and economic challenges. President Bola Tinubu presided over the inaugural cabinet meeting at which he outlined his vision for economic growth, prosperity, and poverty reduction.
The President urged his ministers to focus on the first phase of the eight-point agenda within three years and emphasized the importance of revitalizing the country’s economy due to current challenges. He urged his cabinet members to make a difference in their respective ministries and work to create a stronger economy for the Nigerian people.
Tinubu stressed the need for a homegrown approach to financial re-engineering, efficient resource stewardship, and letting the economy benefit the citizens. He expressed confidence in the ministers’ ability to drive positive change and emphasized the importance of security for investment and growth.
The government aims to create about 50 million jobs through the Ministry of Trade and Investment. The Coordinating Minister of the Economy highlighted the focus on improving food security, ending poverty, economic growth, job creation, access to capital, inclusivity, security, rule of law, and fighting corruption. He underscored that Nigeria’s youthful population is a crucial asset that needs to be harnessed for growth.
The President also indicated that performance benchmarks have been set for ministers and that failure to deliver effective results will not be tolerated. He directed the Ministry of Foreign Affairs to freeze visa processing for government officials traveling to the United Nations General Assembly (UNGA) in New York without proof of direct participation in the official schedule of activities, aiming to restrict the number of Nigerian delegates and reduce the cost of governance.