Highlights Of Federal Executive Council Meeting

The administration of President Bola Ahmed Tinubu on Monday held its second Federal Executive Council (FEC) meeting since it got into power on May 29th, 2023.

Naija News reports that the FEC meeting was attended by President Tinubu; Secretary to the Government of the Federation, George Akume; Chief of Staff to the President, Femi Gbajabiamila; National Security Adviser, Nuhu Ribadu; Ministers and other top level government officials.

According to key highlights shared by the Senior Special Assistant to the President on Media and Publicity, Temitope Ajayi, the industrialisation agenda of the President Tinubu’s administration came into focus at the FEC meeting.

He stated that the federal government is poised to achieve full industrialisation of the economy in line with the eight-point agenda of President Tinubu.

“With this new commitment to the real sector, the economy is expected to see a boost in job creation and a general increase in economic indices, especially GDP growth rates, which is projected to move from above 3.5% from 2024 to 7%.

“The ambition of President Tinubu is to grow our economy from the current $450billion GDP to $1trillion in the next 8years. To actualize this, the government came up with a roadmap to stimulate industrial growth, especially catalyzing SMEs growth and reving up the entire industrial sector,” he said.

To ensure all red tape and administrative bottlenecks are eliminated, the Federal Executive Council set up the following Sub-committees:

1. Sub-committee on consumer credit.

2. Sub-committee on commodity exchange.

3. Sub-committee on heavy industries and steel development.

4. Sub-committee on trade facilitation and ease of doing business.

5. Sub-committee on licensing and certification of artisans.

6. Sub-committee on trade facilitation and realization.

7. Sub-committee on mining and solid minerals.

8. Sub-committee on oil and gas.

9 Sub-committee on Creative Industries.

The council also approved the setup of the committee to review the Free Trade Zones and Special Economic Zones.