Deputy Speaker Pushes for Strategic Economic Reforms in Meeting

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…call for stronger synergy With for lasting national impact

By Gloria Ikibah

The Deputy Speaker House of Representatives, Rep. Benjamin Okezie Kalu, has urged the formulation and execution of intentional economic strategies to fast-track Nigeria’s development goals.

Kalu stated this while receiving members of the Presidential Economic Advisory Council and Presidential Foreign Intervention Promotion Council, led by Director-General Prince Adeniyi Adeyemi, who were on a courtesy visit, on Thursday in Abuja.

He emphasised the importance of collaboration with the National Assembly, particularly the 10th House of Representatives, in shaping impactful policies.

He said: “By working closely with us, we can craft sound policies that not only serve Nigeria’s best interests but also contribute to regional and global stability and growth.

“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”.

Kalu recognised the critical role the PFIPC plays in ensuring foreign partners are afforded the same rights, protections, and opportunities as local businesses, in line with the Foreign Investment Protection Act, the Deputy Speaker also said that the legislative framework has ensured transparency.

“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. These efforts are vital as Nigeria seeks to scale its growing economy, projected by the International Monetary Fund (IMF) to grow by 3.3% 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, which measures an entity’s relative vulnerability to default, is a critical barometer of investor confidence. Fitch’s upgrade is a strong endorsement of the government’s commitment to policy reforms, including: exchange rate liberalisation; monetary policy tightening; ending deficit monetisation and removal of fuel subsidies.

“These reforms have improved policy coherence and credibility, reduced

economic distortions, and significantly lowered near-term risks to macroeconomic stability”, he added.

He further expressed satisfaction with the passage of the tax reform bills by the National Assembly, and said it will broaden the nation’s tax base.

“I am proud to highlight that the 10th House of Representatives has not only prioritized but also successfully passed four critical tax reform bills. These reforms are designed to broaden our tax base, improve revenue mobilization, and create a more business-friendly environment for both

local and foreign investors.

“As you know, the National Assembly directly and indirectly influences the

economic environment through its lawmaking and oversight powers; therefore, the Legislative Agenda of the 10th House of Representatives is focused on efforts to enact legislation to promote sustainable economic growth and strengthen agricultural development”, he said.

Earlier in his remarks, leader of the delegation, Prince Adeniyi Adeyemi said they were at the Deputy Speaker’s office to seek collaboration with the National Assembly as a strategic partner in the realization of the renewed hope agenda of President Bola Ahmed Tinubu.

“We identified that the National Assembly is a strategic partner in achieving the agenda of Mr President. That’s the reason why we are here. As the Presidential Economic Advisory Council, we serve Mr. President an evidence based research on economy policy and implementation. In order to achieve this we need the collaboration of National Assembly. To achieve the renewed Hope agenda of Mr President, we need to collaborate with you.

“We are here to intimate you about our foreign investors to stabilize our economy which we are facilitating to Nigeria. Nigeria will be hosting world investment summit between November 10 to 14, 2025. We need your collaboration to make Nigeria a preferred destination for foreign investments”, Adeyemi said.