President Bola Tinubu officially inaugurated the National Economic Council (NEC) today at the presidential villa, marking a significant step towards addressing the economic challenges facing Nigeria.
The council, headed by Vice President Kashim Shettima, will play a crucial role in formulating policies and strategies to drive economic growth and development across the nation.
This was seen in a video shared by the Asiwaju Bola Ahmed Media Centre on Twitter.
The National Economic Council comprises the vice president as chairman and the governor of each of the 36 states, as well as the governor of the Central Bank of Nigeria (CBN) and other key ministers and government officials. This inclusive representation ensures a broad spectrum of expertise and perspectives, enabling comprehensive decision-making processes.
The National Economic Council plays a vital role in Nigeria’s economic landscape. Established in 1999, it serves as a platform for intergovernmental coordination and collaboration on matters relating to the economy. The council meets regularly to discuss key economic issues, review policies, and propose initiatives that foster sustainable economic growth and social development.
NEC’s functions include advising the president on economic matters, formulating strategies for economic development, coordinating economic planning efforts across all levels of government, and monitoring the implementation of economic policies and programs. Through its deliberations, the council aims to identify obstacles to growth and propose practical solutions to stimulate investment, create jobs, and reduce poverty in Nigeria.
