From Ndubuisi Orji, Abuja
The deputy speaker of the House of Representatives, Benjamin Kalu has stressed the need for deliberate economic policies to boost national growth.
Kalu, who spoke during a courtesy call on him by the Presidential Economic Advisory Council/ Presidential Foreign Intervention Promotion Council( PFIPC), charged the council to focus on building a resilient economy.
He noted that “by working closely with us in the 10th House of Representatives, we can craft robust policies that not only advance our national interests but also promote regional and international peace and prosperity
“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”.
The deputy speaker added that the PFIPC plays a critical role in ensuring foreign partners are afforded the same rights, protections, and opportunities as local businesses, in line with the Foreign Investment Protection Act.
According to him, “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. ”