By Mercy Aikoye
The Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has emphasized the need for deliberate economic policies to drive national growth. Kalu made this call during a courtesy visit by the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council, led by Prince Adeniyi Adeyemi, on Thursday in Abuja.
Kalu stressed the importance of collaboration between the council and the National Assembly to craft policies that promote national interests, regional, and international peace and prosperity. He encouraged the council to focus on building resilient economies that can withstand global fluctuations and invest in partnerships that enhance Nigeria’s influence abroad.
The Deputy Speaker highlighted the critical role of the Presidential Foreign Intervention Promotion Council in ensuring foreign partners are afforded the same rights, protections, and opportunities as local businesses. He noted that the legislative framework has ensured transparency and promoted legal safeguards, which are essential for building trust and confidence among international stakeholders.
Kalu cited the recent upgrade of Nigeria’s long-term foreign-currency issuer default rating by Fitch Ratings from ‘B-‘ to ‘B’ with a stable outlook as a testament to the government’s commitment to policy reforms. He attributed the upgrade to the government’s efforts to liberalize the exchange rate, tighten monetary policy, end deficit monetization, and remove fuel subsidies.
The Deputy Speaker expressed satisfaction with the passage of tax reform bills into law by the National Assembly, saying it will broaden the nation’s tax base and create a more business-friendly environment. He noted that the 10th House of Representatives has prioritized and successfully passed four critical tax reform bills to improve revenue mobilization and promote sustainable economic growth.
The leader of the delegation, Prince Adeniyi Adeyemi, stated that their visit was aimed at seeking collaboration with the National Assembly as a strategic partner in realizing the Renewed Hope Agenda of President Bola Ahmed Tinubu. Adeyemi emphasized the importance of working together to make Nigeria a preferred destination for foreign investments.
Adeyemi also mentioned that Nigeria will be hosting a World Investment Summit between November 10 to 14, 2025, and sought the National Assembly’s collaboration to ensure its success. He noted that the Presidential Economic Advisory Council serves the President evidence-based research on economic policy and implementation.
Kalu assured the delegation of the National Assembly’s commitment to working with the council to promote economic growth and development. He emphasized the importance of policy coherence and credibility in attracting foreign investments and promoting economic stability.
The Deputy Speaker’s call for robust policies to boost national growth comes as Nigeria’s economy is projected to grow by 3.3% this year, despite global headwinds. With the National Assembly’s commitment to promoting sustainable economic growth and strengthening agricultural development, Nigeria is poised to attract more foreign investments and achieve its economic potential.
