Economic Crisis: What Dangote, Rabiu, Elumelu said after meeting with Tinubu

President Bola Tinubu on Sunday met with members of the organised private sector and some state governors to discuss the state of the Nigerian economy and the biting hardship Nigerians are currently facing.

The meeting which had some state governors in attendance also discussed the crumbling rate of the Naira to the Dollar.

Members of the private sector present at the meeting are:

Aliko Dangote, chairperson of Dangote Group of Companies; Abdulsamad Rabiu, the chairman of BUA Group; Tony Elumelu, chairperson of United Bank of Africa (UBA); and Segun Ajayi-Kadir, director-general, Manufacturers Association of Nigeria (MAN).

The governors of Ogun and Anambra states, Dapo Abiodun and Charles Soludo, were also present at the meeting held at the Presidential Villa in Abuja.


Mr Tinubu told the business persons that the meeting was to look at what the government is doing right and what can be done better to bring life back to the economy.

He said while the government does not have all the answers, it would continue trying until it “fashioned the best economic future for this country.”

“Like I said, many times, the people of this country are only the people who we have to please. And we are very much concerned from students to mothers and fathers, farmers, the traders and realising that every one of us will have to fetch water from the same well,” he said.

⁣”We’re looking for additional efforts that might help the downtrodden Nigerians and we will provide that hope and reassurance that economic recovery is on its way.”


Dangote, Rabiu, Elumelu speak

⁣Speaking after the meeting, Messrs Dangote and Rabiu of BUA Group noted that the meeting was exhaustive and left them optimistic.

“I think we had a very good meeting and what we discussed is generally about the economy, food security and security of the nation. We discussed everything in detail,” Mr Dangote said, adding, “There is the economic presidential advisory committee which has been set up and I think this will look at all the issues and address them, coming from job creation, food security, coming from also reflected the economy.”

“So, all these things they have been discussed in detail. I can’t give you all the details right now, but we are hopeful and we’re a great nation. We have what it takes to turn around the economy and we’re going to do that.”

On his part, Mr Rabiu said the downward slope of the Naira’s rate to the Dollar is inauthentic and commended the Central Bank of Nigeria’s (CBN) effort in addressing the challenge.

“We discussed how to bring the foreign exchange rate down because we all know that what is happening as regards the foreign exchange is artificial, it is manipulative and thank God the CBN is doing quite a lot,” he said.

“Now, the exchange rate has come down from N1800 to maybe 1600 and N1500 now, and as you all know, everything in Nigeria is indexed to the foreign exchange, especially when it comes to stuff that we import into the country.”

Mr Elumelu, meanwhile, noted that he believed implementing the decisions arrived at the meeting would propel the Nigerian economy “and help alleviate the poverty in the land, help create employment and help put food on the table.”

Mr Ajayi-Kadir of MAN also stated that the private sector will look forward to the implementation of the decisions.

He said the private sector will play a significant role in the advisory committee recently formed by the president.

“Manufacturers are looking forward to an environment that is conducive to business. And so the issues surrounding foreign exchange, insecurity and general operating environment were discussed and we received the assurances of Mr President that very soon we are going to start to see some major changes and I think the advisory committee that has been formed, the private sector will play a very significant role, and Nigerians, going forward should be hopeful that we are having solutions to the challenges that we have,” he said.

Governors Speak

On their part, Messrs Soludo and Abiodun assured Nigerians of the unity of purpose and determination to make the economy succeed.

Mr Soludo said the Nigerian economy has the potential to ride through these turbulent times and put the economy back on a sustainable path.

“We have one national economy, and it’s the responsibility of the 225 million Nigerians to work together to make it great and we have all the potential and we have all that it takes to make Nigeria ride through these turbulent times and put the economy back on a sustainable keel,” he said.

Mr Abiodun, meanwhile, noted that all governors have resolved to join hands with the president to ensure that necessary interventions to cushion the hardship are provided while the decisions of the meeting are implemented.

“So the teeming public should have that confidence that we’re not leaving them alone,” he said.

“In my state and in other states, we are bringing in rice, we’re bringing food items and we’re selling at rates that can be obtained before the downslide of the naira. So we are going to be doing all those kinds of things to bring succour to the common man until you begin to see the evidence of the fiscal and monetary policies.”

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