Deputy Speaker of the House of Representatives, Hon. Benjamin Kalu, has emphasized the need for intentional economic policy formulation and implementation to drive Nigeria’s economic growth. He made this assertion during a courtesy visit by officials from the Presidential Economic Advisory Council and the Presidential Foreign Intervention Promotion Council (PFIPC), led by Director-General Prince Adeniyi Adeyemi, at the National Assembly in Abuja.
Kalu highlighted the importance of collaboration between the legislative arm and economic advisory bodies in crafting strong and effective policies that not only stimulate national development but also contribute to peace and prosperity on regional and global scales. He urged the councils to concentrate on creating a resilient Nigerian economy that can absorb external shocks and establish strategic partnerships that enhance the country’s global standing.
He commended the PFIPC for its role in supporting foreign investors and ensuring they receive equal treatment and protection as local businesses under the Foreign Investment Protection Act. This legal structure, he noted, is essential for fostering transparency, fairness, and trust—factors crucial to sustaining international investment confidence in Nigeria.
The Deputy Speaker referenced a recent International Monetary Fund (IMF) forecast projecting a 3.3% growth for Nigeria’s economy in the current year, despite global uncertainties. He also praised the improvement in Nigeria’s long-term foreign-currency issuer default rating (IDR), recently upgraded by Fitch Ratings from ‘B-‘ to ‘B’ with a stable outlook. According to Kalu, this rating upgrade reflects investor confidence in the government’s economic reforms, such as liberalizing the exchange rate, tightening monetary policy, ending central bank deficit financing, and removing fuel subsidies.
In addition, Kalu celebrated the National Assembly’s passage of four significant tax reform bills, designed to expand the tax base, enhance revenue generation, and create a favorable investment climate. He reaffirmed the House’s dedication to using legislative powers to boost economic sustainability and support agricultural advancement.
Prince Adeyemi, speaking on behalf of the delegation, expressed the council’s readiness to work hand-in-hand with lawmakers to achieve President Tinubu’s Renewed Hope Agenda. He also revealed plans for Nigeria to host a World Investment Summit from November 10 to 14, 2025, stressing that the cooperation of the National Assembly will be instrumental in positioning Nigeria as a leading destination for international investment.