Statement by President Umaru Musa Yar‘Adua at the Inauguration of the Presidential Steering Committee on the Global Economic Crisis
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Jan 15, 2009, 17:58

I welcome you all to the formal inauguration of the Presidential Steering Committee on the global economic crisis.

This Committee was set up to evolve and drive the framework for our proactive response to the challenges posed by the on-going global economic crisis on our national economy in a holistic and coordinated manner. Another underlying reason for this Committee stems from my conviction that every challenge has within it, an opportunity waiting to be exploited and maximized.
Given the reality of the interdependence of world economies, our national economy is clearly not immune from the adverse effects of the uncertainty and instability in international currency and commodity markets. Crude oil price swings portend adverse implications for our fiscal outlook; we are witnessing falling external reserves and marked depreciation of the Naira.

Efforts have been made to shore up investors’ confidence in the economy through appropriate budgetary interventions and requisite monetary policy. However, in order to effectively strengthen our financial sector, protect the integrity of our financial markets, and restore investor confidence in our economy, more comprehensive practical and focused measures need to be evolved.

The Presidential Steering Committee, which will meet as frequently as necessary, has been set up to properly appraise the implications of the global economic crisis for Nigeria and to formulate appropriate policy responses in the short to medium and long terms. It is also expected that we would be able to work out means of maximising the opportunities provided by the current global economic conditions.

The Steering Committee will be supported by a reinvigorated and reconfigured Economic Management Team (EMT) chaired by the Minister of Finance. It is expected that the EMT, which will meet fortnightly, will provide input for the work of the Presidential Steering Committee – the apex decision making body with respect to our national economy.
The Committee’s terms of reference are:
1 To assess the impact of the impact of the global economic crisis on the Nigerian economy with particular reference to the annual budget, as well as the financial and commodity markets.
2 To recommend appropriate macro-economic policy responses that can further stimulate the economy.
3 To identify practical measures aimed at shoring up the confidence of investors and the general populace in the economy, and increasing growth in the real sector.
4 To examine the related issues of unemployment, poverty, global food crisis, and ensuring a sustainable debt position.
5 To consider and make general recommendations on any other relevant issues.
The critical importance of the Committee’s work has informed my decision to personally chair its deliberations.
I have implicit confidence in the capacity of the tried, tested, and committed Nigerians who constitute this committee to make a success of this national call to duty.

It is now my honour to formally inaugurate the Presidential Steering Committee. Thank you.


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