Advisory Council to complement Economic Council

Cyril Okonkwo, Abuja


The Economic Advisory Council set up by President Muhammadu Buhari to advise him on economic matters will complement the work of the National Economic Council, NEC.


Vice President Yemi Osinbajo told the meeting of the NEC on Thursday that both councils “are advisory for the benefit of Mr. President while NEC is established by the constitution, there are to complement one another.”


Governor Muhammadu Inuwa Yahaya of Gombe State, who briefed State House correspondents after the meeting, said the governors at the meeting sought clarifications, from Vice President Osdinbajo, on the relationship between the two councils.


“The Vice President explained that those councils are advisory for the benefit of Mr. President while NEC is established by the constitution; they are to complement one another.


“He added that NEC could be briefed regularly on the activities of the Economic Advisory Council with the permission of Mr. President.”


Governor Yahaya also said that the Secretary of the Presidential Enabling Business Council, PEBEC, Dr. Jumoke Oluwole, gave the NEC an update on the enabling business environment.


He said Oluwole informed the Council that the current reforms in African countries as contained in the African Development Bank Economic Outlook report released in January 2019 and in the World Bank Ease of Doing Business 2019.  


“Nigeria is ranked 146 with micro, small and medium enterprises, making up to 90 percent of businesses in Nigeria.


“And that the economic recovery and growth plan 2017-2020, which has three broad objectives which includes restoring growth, investing in people and building a competitive economy, has positioned Nigeria as a force in building a competitive economy.” 


 Yahaya said the Council mandated PEBEC to take Nigeria to the top 100 in the 2020 World Bank ease of doing business index.


“It is also mandated to achieve the required political buy-ins across all arms and levels of government,” he said. 


He said PEBEC in the last three years has moved Nigeria up to 24 places in the World Bank ease of doing business ranking.