Nigeria Hit The Reset Button With Ambitious Recovery Plan

by Samuel Abasi Last updated on April 13th, 2017,

Nigeria Hit The Reset Button With Ambitious Recovery Plan. Nigeria’s President Muhammadu Buhari formally launched the Economic Recovery and Growth Plan (ERGP) 2017-2020 at the the Council Chambers of the Presidential Villa, Abuja today. He said the ERGP is an ambitious plan that seeks to achieve a 7 per cent economic growth by the year 2020, from 2.19 percent in 2017. The plan seeks to restore the nation’s economic status following the high rate of inflation and recession and to put it on the path of strength and growth, away from being an import dependent nation.

“We must produce what we need,” he said.

The president said the ERGP focusses on agriculture with a view to ensuring adequate food security as well as energy, industrialisation and social investment and the ERGP clearly sets out what his government is committed to doing by creating an environment for businesses to thrive.

The president said his administration is committed to delivering on the three key areas that he promised during the campaigns; which are to tackle corruption, insecurity and ensure economic growth. He called on state governors to draw inspiration from the plan and articulate their own plans that will lead them to real growth.

Mr. Buhari said his administration inherited numerous challenges at inception. He also said his campaign was based on the difficult situation that Nigeria was in and the need for enduring positive change.

Speaking earlier, the Minister of Budget and National Planning, Udo Udoma, said Mr. Buhari has right from his campaigns shown commitment to changing Nigeria in a fundamental way. He said the ERGP is the president’s fulfillment of his promise to reinvigorate the Nigerian economy.

The minister said the plan has put together in “one place, for easy access, all the sectoral plans that the government has been working on, from inception, including the strategic implementation plan for the 2016 budget. The broad objectives of the ERGP are to restore growth, invest in our people and build a globally competitive economy”

He said many of the initiatives in the plan are contained in the 2017 budget proposals which were submitted to the national assembly last December.

The ERGP builds on the short-term Strategic Implementation Plan, SIP, for the 2016 ‘Budget of Change’ towards sustainable accelerated development for 2017-2020 and has three broad strategic objectives: restoring growth of the economy, investing in the Nigerian people, and building a globally competitive economy. It envisages reducing inflation to single digit by 2020 and increasing federal government’s revenues from N2.7 trillion in 2016 to N4.7 trillion in 2020;

It merges the budget and planning functions into one ministry to create a better and stronger link between annual budgets and the national economic plan and also aims to boost oil production from 1.4 million barrels per day in 2016 to 2.2 million barrels per day in 2017 and 2.5 million barrels per day by 2020.

Messrs. Saraki and Dogara pledged the cooperation of the National Assembly to the implementation of the plan.

Speaking on behalf of the Nigeria Governors Forum, NGF,  Zamfara governor , Yari said all the governors will take ownership of the plan and ensure its implementation as it concerns other levels of government. They also appreciated the level of cooperation between states and the federal government, which, he said, has increased significantly.

The launch was attended by all cabinet members as well as top government functionaries including the national chairman of the governing All Progressives Congress, APC, John Odigie-Oyegun; Senate President Bukola Saraki; Speaker of the House of Representatives, Yakubu Dogara; and chairman of the Nigeria Governors Forum, NGF, and Governor of Zamfara State, Abdulaziz Yari.

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