Nigeria needs resilient economy to withstand global shocks, says Benjamin Kalu

Benjamin Kalu, deputy speaker of the house of representatives, says Nigeria needs a resilient economy that can withstand shocks.

Kalu spoke on Thursday when a delegation from the presidential economic advisory council led by Adeniyi Adeyemi, its director-general.

Kalu asked the council to work with the house of representatives to craft “robust policies” that will advance national interests and 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,” he said.

Kalu said the council plays a key role in ensuring foreign partners are accorded the same opportunities as local businesses, in accordance with the Foreign Investment Protection Act.

“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,” he said.

“These efforts are vital as Nigeria seeks to scale its growing economy, projected by the International Monetary Fund (IMF) to grow by 3.3 percent 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 is an entity’s relative vulnerability to default (including by way of a distressed debt exchange) on financial obligations.

Citing the passage of the tax reform bills, Kalu said the national assembly influences the economic environment through lawmaking and oversight powers.

He said the legislative agenda of the house prioritises legislations to promote sustainable economic growth and strengthen agricultural development.

Adeyemi described the national assembly as a “strategic partner” in achieving Tinubu’s agenda, noting that the council needs the legislature’s collaboration for the country to achieve a resilient economy.