Deputy Speaker of the House of Representatives, Dr. Benjamin Kalu, has stated that Nigeria's economic reforms are having a positive impact on the country's growth, inflation, and business environment. He made this statement while addressing the 153rd Assembly of the Inter-Parliamentary Union (IPU) in Arusha, Tanzania. The theme of the assembly was "Enhancing Good Governance and Empowering Communities Through Inclusivity, Trust and Opportunities for All." Dr. Kalu's statement highlights the progress made by Nigeria in its economic reforms.
According to Dr. Kalu, Nigeria's economy grew by 4.43 per cent in the second quarter of 2023, and the country's external reserves rose above $55 billion, their highest level in nearly two decades. This growth and increase in reserves demonstrate the positive impact of Nigeria's economic reforms. Dr. Kalu stressed that it is essential to translate these economic gains into tangible improvements in food security, employment, and livelihoods. He emphasized that this can be achieved through targeted interventions and policies.
Dr. Kalu also called for increased mechanization, irrigation, and access to credit for farmers, particularly in rural communities. He believes that this will help to improve food security and increase agricultural productivity. Additionally, Dr. Kalu stated that the National Assembly is advancing reforms in data protection, cybersecurity, and broadband expansion. These reforms aim to equip young Nigerians with the skills needed to take advantage of emerging opportunities in the digital economy.
The Deputy Speaker also highlighted the legislative efforts in the health sector, which focus on strengthening primary healthcare, expanding health insurance coverage, and boosting local pharmaceutical production. These efforts aim to improve the overall health and wellbeing of Nigerians. Furthermore, Dr. Kalu cited the constitutional amendment passed by the National Assembly in June to provide for state police. He believes that this amendment is a step towards bringing security closer to communities.
Dr. Kalu emphasized that sustainable peace requires accessible justice and equal application of the law. He urged parliaments worldwide to integrate environmental considerations into legislation, warning that climate change threatens development plans across sectors. The Deputy Speaker believes that it is essential to take proactive measures to mitigate the impact of climate change on Nigeria's development agenda.
The 153rd IPU Assembly has elected the Speaker of the Australian House of Representatives, Milton Dick, as its new president. Dick succeeds Tanzania's National Assembly Speaker, Tulia Ackson, who was elected in 2023. Dr. Kalu had previously hosted Dick in Nigeria, where he sought the Nigerian delegation's support for his candidacy. This election marks a new chapter in the IPU Assembly's leadership.
Dr. Kalu concluded by stating that Nigeria's development agenda under President Bola Tinubu is being reinforced through legislative interventions. He emphasized that inclusive policies and accountable institutions are essential to building public trust and creating opportunities for all. The Deputy Speaker's statement highlights the importance of effective governance and legislation in driving Nigeria's development forward.
Key points
- Nigeria's economy grew by 4.43 per cent in the second quarter of 2023.
- External reserves rose above $55 billion, their highest level in nearly two decades.
- The National Assembly is advancing reforms in data protection, cybersecurity, and broadband expansion.
