A prominent economist in the country has berated the economic advisory team recent constituted by President Bola Tinubu to help put the economy on the right track.
President Tinubu on Sunday announced an economic advisory committee comprising the federal government, sub-nationals and the private sector.
Some of the prominent members of the private sector that made the list include the Chairman of United Bank for Africa, Mr. Tony Elumelu, and the Chairman of Dangote Group, Aliko Dangote.
The development came amid efforts to stabilize the falling naira exchange rate, check rising inflation and other economic headwinds that have affected the cost of living.
However, a prominent economist who did not want his name mentioned, has confided in THE WHISTLER that the inclusion of private sector players like Dangote, Elumelu and Abdulsamad Rabiu, among others, will work against the economic interest of Nigeria.
He said, “Setting up a committee peopled with potential rivals to foreign investors you want to attract. These are vested interests who’re going to compete with potential foreign investors. It will be
sending very wrong signals, and I don’t think it’s good for the country.
“They told us they will attract domestic direct investors, foreign direct investors, they will do PPP and they will attract diaspora investments. How does that tie with you putting candidates who will
bid for the domestic direct investments on an advisory committee? You can’t be a player and be a referee. That’s what they’re doing. They should think about the signals it is sending.
“We should keep people who will parade themselves as investors out of government’s advisory team which will superintend over the bids of the investors we’re looking for. So, for example I run a conglomerate that owns businesses that are being regulated in the power sector; I run a power generating company or DISCO or others, which are regulated entities, and now I sit on a presidential advisory committee, what signal I’m I sending to the regulatory agency?”
He said members of the committee will be hamstrung by conflict of interest since they would be potential bidders in the domestic direct investment process.
“Some of these private businesses already have bought some of the national assets, and have a stake in partnership with the government on the national assets. And it is very important that boundaries are
respected to avoid conflict of interest. You should avoid a situation where they are posing, on the one hand, as investors subject to the rules of government umpire, and at the same time you’re the government umpire, “he advised.
Expert Condemns Inclusion Of Dangote, Elumelu, Others In Tinubu’s Economic Team is first published on The Whistler Newspaper
