The Deputy Speaker of the House of Representatives, Benjamin Kalu, has called for the enactment and promotion of deliberate economic policies aimed at boosting national growth.
Kalu made the call in Abuja during a courtesy visit by the Presidential Economic Advisory Council and the Presidential Foreign Intervention Promotion Council (PFIPC), led by its Director-General, Prince Adeniyi Adeyemi.
He stated: “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.”
Kalu further encouraged the council to focus on building resilient economies capable of withstanding global fluctuations while investing in strategic partnerships that enhance Nigeria’s influence abroad.
Acknowledging the importance of foreign partnerships, Mr Kalu highlighted the role of the Foreign Investment Protection Act in ensuring foreign investors receive equal rights, protections, and opportunities as their local counterparts.
According to him, the legislative framework promotes legal safeguards, transparency, and equitable treatment, which are essential for building 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,” he added.
Kalu also highlighted the recent upgrade of Nigeria’s long-term foreign-currency issuer default rating (IDR) by Fitch Ratings from ‘B-’ to ‘B’, with a stable outlook.
He noted that the IDR, which measures an entity’s relative vulnerability to default, is a key indicator of investor confidence.
The upgrade is seen as a strong endorsement of the government’s commitment to policy reforms, including exchange rate liberalization, monetary policy tightening, the end of deficit monetization, and the 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 said.
The Deputy Speaker also expressed satisfaction with the recent passage of tax reform bills into law by the National Assembly, noting that it would 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,” Kalu stated.
He emphasized that the National Assembly, through its lawmaking and oversight powers, significantly influences the economic environment.
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According to him, the Legislative Agenda of the 10th House of Representatives is focused on enacting legislation to promote sustainable economic growth and strengthen agricultural development.
In his remarks, the leader of the delegation, Prince Adeniyi Adeyemi, expressed the council’s desire to collaborate with the National Assembly as a strategic partner in realizing President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“We identified that the National Assembly is a strategic partner in achieving the agenda of Mr. President. That’s why we are here.
“As the Presidential Economic Advisory Council, we serve Mr. President with evidence-based research on economic policy and implementation.
“To achieve this, we need the collaboration of the National Assembly,” Adeyemi said.
He also announced that Nigeria would be hosting a World Investment Summit from November 10 to 14, 2025, adding that the partnership of the National Assembly is crucial to making Nigeria a preferred destination for foreign investments.
“We believe the National Assembly is a strategic partner in achieving the president’s vision.
“As the Presidential Economic Advisory Council, we rely on evidence-based research and legislative support to implement impactful economic policies,” Adeyemi said.
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