The Deputy Speaker of the House of Representatives, Rt Hon. Benjamin Okezie Kalu, has advocated the enactment and promotion of deliberate and robust economic policies to boost national growth.
Rt Hon. Kalu made the appeal in Abuja while receiving a delegation from the Presidential Economic Advisory Council/ Presidential Foreign Intervention Promotion Council led by the Director-General, Prince Adeniyi Adeyemi on Thursday.
“By working closely with us in the 10th House of Representatives, we can craft robust policies that not only advance our national interests but also promote regional and international peace and prosperity.
I, therefore, encourage you to focus on building resilient economies that can withstand global fluctuations while also investing in partnerships that enhance our influence and support our strategic goals abroad,” said the Deputy Speaker.
Recognizing the critical role the Presidential Foreign Intervention Promotion Council (PFIPC) plays in ensuring that foreign partners are afforded the same rights, protections, and opportunities as local businesses, in line with the Foreign Investment Protection Act, the Deputy Speaker also noted that the legislative framework has ensured transparency.
“As we know, this legislative framework promotes legal safeguards, ensures transparency, and guarantees equitable treatment, which are essential pillars for building a climate of trust and confidence among international stakeholders.
These efforts are vital as Nigeria seeks to scale its growing economy, projected by the International Monetary Fund (IMF) to grow by 3.3% this year, despite global headwinds.
These efforts have not gone unnoticed by the global financial community. Just last month, a Global Ratings Agency, Fitch Ratings, upgraded Nigeria’s long-term foreign-currency issuer default rating (IDR) from ‘B-’ to ‘B’, with a stable outlook.
The IDR, which measures an entity’s relative vulnerability to default, is a critical barometer of investor confidence.
Fitch’s upgrade is a strong endorsement of the government’s commitment to policy reforms, including: exchange rate liberalisation; monetary policy tightening; ending deficit monetisation; and removal of fuel subsidies.
These reforms have improved policy coherence and credibility, reduced economic distortions, and significantly lowered near-term risks to macroeconomic stability,” he said.
Rt Hon. Kalu also expressed satisfaction with the passage of the tax reform bills into law by the National Assembly, saying it would broaden the nation’s tax base.
“I am proud to highlight that the 10th House of Representatives has not only prioritised but also successfully passed four critical tax reform bills.
These reforms are designed to broaden our tax base, improve revenue mobilisation, and create a more business-friendly environment for both local and foreign investors.
As you know, the National Assembly directly and indirectly influences the economic environment through its lawmaking and oversight powers; therefore, the legislative agenda of the 10th House of Representatives is focused on efforts to enact legislation to promote sustainable economic growth and strengthen agricultural development,” he said.
Earlier in his remarks, the leader of the delegation, Prince Adeniyi Adeyemi, said they were at the Deputy Speaker’s office to seek collaboration with the National Assembly as a strategic partner in the realisation of the “Renewed Hope Agenda” of President Bola Ahmed Tinubu.
He stated further, “We identified that the National Assembly is a strategic partner in achieving the agenda of Mr. President. That’s the reason why we are here. As the Presidential Economic Advisory Council, we serve Mr. President an evidence-based research on economic policy and implementation.
“In order to achieve this, we need the collaboration of the National Assembly. To achieve the ‘Renewed Hope Agenda’ of Mr President, we need to collaborate with you. We are here to inform you about our foreign investors, who we are facilitating to Nigeria. Nigeria will be hosting International Investment Summit from November 10 to 14, 2025. We need your collaboration to make Nigeria a preferred destination for foreign investments,” Adeyemi said.
Among those that accompanied the Director General on the visit to the National Assembly are Executive Director, Strategic Investments and Global Partnerships, Ms. Elizabeth Pam; Executive Director, Programs and Special Projects, Mr. Kelvin Ikegwuonu; Executive Director, Sustainable Economic Growth, Mr Solomon Oyekunle; Executive Director, Finance and Accounts, Otunba Joseph Ogunsanwo; Chief Brand Manager, Mr. Oluwaseun Samuel Hunthode; Consultants to the Council, Ms. Adefunke Oni; Amb. Dr. Fatoumatta Gaye and Dr. Maurice Ibe.
(Credit: VON)
