On paper, the constitution of the Nigerian Industrial Policy and Competitiveness Advisory Council recently inaugurated by the Acting President, Professor Yemi Osinbajo, is one of the best moves of the administration of President Muhammadu Buhari.
This administration has been has been deemed grossly incompetent in economic matters. This has been largely due to the lack of a clear cut economic direction or blueprint during its first two years, and several wrong moves; whether it is in the unorthodox monetary policies on forex and the unsuccessful ‘defence of the naira’ or marketing the country well enough to ensure it retains its position as the top investment destination in Africa.
From ranking the number one investor destination in Africa in the first quarter of 2015 according the Nielsen Report, Nigeria slid to fourth within one year (by Q1 2016), losing the top spot to Cote d’Ivoire. The report noted that the slide was driven primarily by deteriorating macro-economic indicators as a result of a slump in commodity prices, in particular oil. It also coincided with the slump of the Nigerian economy into recession and the government seemed to have no answer.
However, when the Economic Recovery and Growth Plan (ERGP) 2017-2020, which brings together all the sectoral plans for agriculture and food security, energy and transport infrastructure, industrialisation and social investments together in a single document, was launched in April, some level of confidence was restored. At least finally, there is an economic blueprint.
Working with the assumption that the ERGP will be implemented to the letter, one can say that adding that to a successful achieve of the objectives of setting up this council, will be a masterstroke. If the council succeeds in delivering it mandate of driving the industrial agenda of the government; turning Nigeria into a manufacturing hub for West Africa, and facilitating the diversification of the economy to end dependence on oil revenue, then it can be said that ‘change’ has truly come.
The membership of the 42-man council looks formidable. With the likes of Aliko Dangote, Atedo Peterside, Kola Jamodu, Innocent Chukwuma, Ayo Teriba, and others, who are authorities in manufacturing, enterprise development, and economic advisory, the council definitely does not lack know-how.
Nevertheless, it is not time for hooray yet.
The sincerity of the government that set up the council will yet be tested. The council also have to withstand negative political influences that would heighten as 2019 draws near.
If the council survives nepotism, tokenism, political sabotage and other vices that plagued similar councils in the past, then it will succeed. If it fails, the vicious cycle continues. The question now is can it succeed?
Below is the complete list of the members of the Nigerian Industrial Policy and Competitiveness Advisory Council.
- His Excellency, the Acting President and Chairman of the EMT, Prof. Yemi Osinbajo (Chairman)
- Hon. Minister, Industry Trade and Investment, Dr. Okechukwu Enelamah (Vice-Chairman, Public Sector)
- Hon. Minister of State, Industry, Trade and Investment, Mrs. Aisha Abubakar (Alternate Vice-Chairman, Public Sector)
- President, Dangote Group, Alhaji Aliko Dangote (Vice-Chairman, Private Sector)
- Chairman, ANAP Business Jets Ltd, Mr. Atedo Peterside (Alternate Vice-Chairman, Private Sector)
OTHER PRIVATE SECTOR MEMBERS:
- Chairman, Nigerian Breweries and PZ Cussons Chief Kola Jamodu
- Chairman, BUA Group Alhaji Abdulsamad Rabiu
- Chairman, IVM Innoson Group of Companies Limited Dr. Innocent Ifediaso Chukwuma
- GMD, Chi Foods Nigeria Mr. Rahul Savara
- Chairman, Flour Mills of Nigeria Plc Mr. John Coumantarous
- CEO, Emzor Pharmaceuticals Mrs. Stella Okoli
- Country Head, Olam Mr. Mukul Mathur
- President/CEO Beloxxi Industries Limited Mr. Obi Ezeude
- MD/CEO Fidson Healthcare Plc Dr. Fidelis Ayebea
- Founder, Flutterwave Mr. Iyinoluwa Aboyeji
- President & CEO, GE Business Operations Nigeria Mr. Lazarus Angbazo
- CEO, Jumia Mrs. Juliet Anamah
- CEO, SecureID Nigeria Ltd Mrs. Kofo Akinkugbe
- Chairman/C.E.O, AMMASCO International Limited Alhaji Ado Mustapha
- Chairman, KAM Industries Alhaji Kamaldeen Yusuf
- Chairman, United Textiles Plc Alhaji Adamu Atta
- Chairman Candel Corporation; CEO Swift Networks Mr. Charles Anudu
- Chairman, Rumbu Sacks Nigeria Limited Alhaji Ibrahim Salisu Buhari
- Chairman, Tofa Group Mr. Isiaku Tofa
- MD/CEO Proforce Limited Mr. Ade Ogundeyin
- President, Manufacturers Association of Nigeria Dr. Frank Udemba Jacobs
OTHER PUBLIC SECTOR MEMBERS:
- Hon. Minister for Budget & National Planning, Senator Udoma Udo Udoma
- Hon. Minister of Finance, Mrs. Kemi Adeosun
- Hon. Minister for Agriculture and Rural Development, Chief Audu Ogbeh
- Hon. Minister for Power, Works & Housing, Mr. Babatunde Raji Fashola
- Hon. Minister for Transportation, Chief Rotimi Amaechi
- Hon. Minister of State, Petroleum Resources Dr. Ibe Kachikwu
- Hon. Minister for Mines and Steel Development, Dr. Kayode Fayemi
- Hon. Minister for Science & Technology, Dr. Ogbonnaya Onu
- Governor, Central Bank of Nigeria, Mr. Godwin Emefiele
TECHNICAL COMMITTEE MEMBERS:
- Economic Adviser to the President Dr. Yemi Dipeolu
- Trade Adviser/Chief Negotiator Amb. Chiedu Osakwe
- MD, Bank of Industry Mr. Kayode Pitan
- Exec. Director/CEO, Nigerian Export Promotion Council, Mr. Olusegun Awolowo
- Executive Secretary, Nigeria Investment Promotion Commission Ms. Yewande Sadiku
- Statistician-General, National Bureau of Statistics Dr. Yemi Kale
- CEO, Economic Associates Dr. Ayo Teriba