Economy News

Nigeria Releases Economic Recovery Plan

Nigeria Releases Economic Recovery Plan
  • PublishedMarch 8, 2017

The Federal Government has released the Economic Recovery and Growth Plan (ERGP) which unveils a road map for Nigeria’s economic recovery growth and sustainable development.

James Akpnadem, Media Adviser to Senator Udoma Udo Udoma, the Minister of Budget and National Planning, , announced this in a statement on Tuesday in Abuja.

According to the adviser, the ERGP is available on the ministry’s website, and that of the Budget Office,

Akpandem said that the development of the plan went through rigorous processes, including wide consultation and robust engagement with stakeholders.

“The plan has been approved by the Federal Executive Council. The core vision of the plan is one of sustained inclusive growth.

“There is an urgent need as a nation, to drive structural economic transformation with emphasis on improving both public and private sector efficiency.

“The aim is to increase national productivity and achieve sustainable diversification of production, to significantly grow the economy and achieve maximum welfare for the citizens, beginning with food and energy security,’’ he said.

The official said that the plan envisaged that by 2020, Nigeria would have made significant progress towards achieving structural economic change with a more diversified and inclusive economy.

He said that the plan was expected to deliver on five key broad outcomes, namely: a stable macroeconomic environment, agricultural transformation and food security as well as sufficiency in energy.

Other outcomes, he said, would be on improved transportation infrastructure and industrialisation, focusing on small and medium scale enterprises.

Akpandem said that the ERGP was different from previous strategies and plans because it focused on implementation, at the core of the delivery strategy over the next four years.

He said that it outlined bold initiatives such as ramping up oil production to 2.5 million barrels per day (mbpd) by 2020.

“It focuses on privatising selected public enterprises/assets, and revamping local refineries to reduce petroleum product imports by 60 per cent by 2018.

“It builds on existing sectoral plan such as the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master-plan.

“The plan signals a changing relationship between the public and private sector, based on close partnership.

“It also utilises the value of the merger of budget and planning functions into one ministry, to create a better and stronger link between annual budgets and the ERGP.”

In addition, he said that the plan would provide for strong coordination with the states to ensure that the federal and sub-regional governments worked towards the same goals.

Akpandem said that the ceremonial presentation of the plan would take place when President Mohammadu Buhari, returned from vacation.

Leave a Reply

Your email address will not be published. Required fields are marked *