Deputy Speaker Kalu calls for robust policies to stimulate National growth

Deputy Speaker of the House of Representatives, Rt. Hon. Benjamin Okezie Kalu, has called for the formulation and promotion of deliberate economic policies aimed at stimulating national growth.

Kalu made this statement on Thursday in Abuja during a meeting with the Presidential Economic Advisory Council/Presidential Foreign Intervention Promotion Council, led by the Director-General, Prince Adeniyi Adeyemi.

He stated: “By working closely with us in the 10th House of Representatives, we can develop 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 capable of withstanding global fluctuations, while also investing in partnerships that enhance our influence and support our strategic objectives abroad.”

The Deputy Speaker acknowledged the crucial role of the PFIPC in ensuring that foreign partners receive the same rights, protections, and opportunities as local businesses, in accordance with the Foreign Investment Protection Act. He emphasised that the legislative framework ensures transparency and fairness.

“As we know, this legislative framework promotes legal safeguards, ensures transparency, and guarantees equitable treatment. These are essential pillars for fostering a climate of trust and confidence among international stakeholders. Such efforts are vital as Nigeria aims to expand its growing economy, which the International Monetary Fund (IMF) projects to grow by 3.3% this year, despite global challenges.

“These initiatives have not gone unnoticed by the global financial community. Last month, Fitch Ratings, a Global Ratings Agency, upgraded Nigeria’s long-term foreign-currency issuer default rating (IDR) from ‘B-’ to ‘B’ with a stable outlook. The IDR, which assesses an entity’s relative risk of default, serves as a key indicator of investor confidence. Fitch’s upgrade is a significant endorsement of the government’s commitment to policy reforms, including exchange rate liberalisation, monetary policy tightening, the cessation of deficit monetisation, and the removal of fuel subsidies.

“These reforms have enhanced policy coherence and credibility, reduced economic distortions, and significantly lowered short-term risks to macroeconomic stability,” Kalu remarked.

The Deputy Speaker also expressed satisfaction with the passage of the 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 prioritised but also successfully passed four key tax reform bills. These reforms are designed to broaden our tax base, improve revenue mobilisation, and create a more business-friendly environment for both local and foreign investors.

“As you are aware, the National Assembly directly and indirectly influences the economic landscape through its legislative and oversight functions. Consequently, the Legislative Agenda of the 10th House of Representatives is committed to enacting legislation to foster sustainable economic growth and strengthen agricultural development,” he added.

Earlier, Prince Adeniyi Adeyemi, the leader of the delegation, stated that they had visited the Deputy Speaker’s office to seek collaboration with the National Assembly as a strategic partner in realising President Bola Ahmed Tinubu’s renewed hope agenda.

“We recognise that the National Assembly is a strategic partner in fulfilling Mr President’s agenda. That is why we are here. As the Presidential Economic Advisory Council, we provide Mr President with evidence-based research on economic policy and implementation. To achieve this, we require collaboration with the National Assembly. To fulfil the renewed Hope agenda of Mr President, we need to work together.

“We are here to brief you about our foreign investment initiatives aimed at stabilising our economy, which we are facilitating in Nigeria. The country will be hosting the World Investment Summit from 10th to 14th November 2025. We seek your collaboration to position Nigeria as a preferred destination for foreign investments,” Adeyemi stated.