Protocols:
It is with great pleasure that I join in welcoming all of us to this very timely summit, with the theme: ‘The Nigerian Economy: Navigating a sustainable Landscape’.
2. This summit is coming at a time Nigeria is in search of a stable economic direction following the devastating decline in oil prices, increased pressure on foreign exchange receipts of government and the fall in production of Oil and Gas as a result of increasing militancy in the Niger Delta region. Sustainable economic policies require careful appraisal and deep knowledge of economic fundamentals of the Nigerian economy. I therefore particularly commend the initiators of this summit and hope that it will be sustained in the long run and become a reservoir of Nigeria’s economic intelligence and resources.
3. A summit of this nature offers a major platform for generating fresh ideas by all relevant stakeholders towards assisting government in the task of finding sustainable solutions to Nigeria’s troubled economy. It is in this regard that I charge all participants to proffer workable and bankable proposals on the way forward.
4. For Nigeria to meet its development challenges and foster sustainable growth and economic development, efforts should focus on the following:
• Good Governance
• Anti – Corruption Measures
• Security of Lives and Property
• Poverty Eradication
• Job creation
• Wealth Creation
• Economic Diversification (Through Agriculture; Solid Minerals; Culture and Tourism; Fiscal Measures; ICT; Industrialisation, Trade and Investment etc.)
• Massive investment in human capital
• Sound Environmental Management policies
• Social programmes; Education, Health, etc
• Massive infrastructural development (Roads, rail, Water, Aviation, power supply, etc)
• Strengthening the institutional and legal frameworks for doing business in Nigeria, including reduction in the cost thereof
• Crafting and implementing Appropriation Acts that address Nigeria’s economic and developmental challenges
• Political inclusiveness and fairness to all sections of Nigeria
• International and regional cooperation
• Maintaining a stable and realistic exchange rate regime
• Strengthening Nigeria’s Capital Market
• Improving the Civil Service and the bureaucracy in general
• Fidelity to the rule of law and Justice sector reform
• Housing and Mortgage schemes, Urban renewal
• Empowerment of Women and Youths
• Accelerated rural development
• More efficient exploration, exploitation and processing of our oil and gas resources.
These measures will lead to a self reliant and robust economy consistent with the size and population of Nigeria.
4. We, in the House of Representatives will partner with you in the difficult task of building a strong economy worthy of the human and material resources available in Nigeria. Indeed in the Legislative Agenda of the 8th House of Representatives, the House set for itself a roadmap towards achieving sustainable economic development using the legislative tools at its disposal.
5. The House Agenda said: “The House will legislate to achieve reforms in Nigeria’s national economy and development, tackle poverty, unemployment, confront the scourge of corruption, terrorism and security challenges in the country. The House will also give priority to green legislation to address environmental challenges such as desertification, erosion and pollution. The 8th House of Representatives will also work assiduously to improve the governance process in Nigeria by legislating to cut the cost of running government, reduce wastage and tackle National Revenue leakages. The House commits to playing its part in rescuing Nigeria from the clutches of hunger, poverty, disease, social, economic, political and infrastructural quagmire.”
6. The House in implementation of these lofty ideals has embarked on several legislative measures. We set up the Ad-Hoc Committee on the review of existing laws to update and reform our laws including all laws that impeding economic growth and business in Nigeria. The Committee has submitted the first phase of its Report leading to the unprecedented introduction of 130 bills in one day.
7. Consistent with our Legislative Agenda, and the need to find a lasting legislative solution to the economic challenges facing us, that the House introduced what it calls sectoral debates on the Nigerian Economy. The first phase of this initiative is the issue of diversification of the Nigerian economy. This initiative involves invitation of Honourable Ministers of the relevant ministries to House plenary sessions to brief the House on the initiatives and activities of their Ministries. The House then probes, interrogates and debates their proposals with a view to proposing new laws and amendment of existing laws to help achieve the goal of diversification of the economy.
8. We believe that the present anti corruption and recent economic measures introduced by President Muhammadu Buhari’s government will yield the desired results in due course. We have provided strong legislative backing to the government to execute its programmes promised to the Nigerian people.
9. Finally, permit me to wish you all very informed and successful deliberations as we await both policy and legislative recommendations from this summit.
10. May I therefore formally declare this summit open.
11. God bless you all and God bless the Federal Republic of Nigeria.
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