Nigeria launches Economic recovery plan; targets 10 GW, food security

FROM LEFT: Chief of Staff, Alhaji Abba Kyari; Vice-President Yemi Osinbajo; and President Muhammadu Buhari at the Federal Executive Council Meeting at the Presidential Villa in Abuja on Wednesday (2/11/16) 
8159/2/11/2016/Callistus Ewelike/BJO/NAN
FROM LEFT: Chief of Staff, Alhaji Abba Kyari; Vice-President Yemi Osinbajo; and President Muhammadu Buhari at the Federal Executive Council Meeting at the Presidential Villa in Abuja on Wednesday (2/11/16) 8159/2/11/2016/Callistus Ewelike/BJO/NAN

Nigeria has finally launched the long-awaited Economic Recovery and Growth Plan, a medium-term plan for 2017-2020, broadly targeting restoration of growth, human development and globally competitive economy, in efforts to combat current economic crisis and achieve sustained diversification and inclusiveness.

The Ministry of Budget and National Planning released the ERGP document on Tuesday, eventually providing a policy and reform framework, demanded locally and internationally, to haul the economy out of recession and chalk out path to national development.

Unavailability of the ERGP has been mentioned as impeding the country’s efforts to secure funds needed to address her economic challenges, including to fund the budget especially critical infrastructural objectives.

In January, Reuters reported how inability to submit recovery and reform plan stalled Nigeria’s bid for loan, quoting unnamed sources in global and Nigerian finance circle. The Reuters report mentioned the African Development Bank, AfDB, President, Akinwunmi Adeshina, as saying the bank held back the last tranche of $1 billion loan for Nigeria.

“We are waiting for the economic policy recovery programme and the policy framework for that,” Mr. Adeshina was quoted as saying, while explaining the reason for holding back last tranche of loan for Nigeria.

In the plan disclosed Tuesday evening, Nigeria said: “The vision of the ERGP is one of sustained inclusive growth. There is an urgent need as a nation to drive a structural economic transformation with an emphasis on improving both public and private sector efficiency.

“This is aimed at increasing national productivity and achieving sustainable diversification of production, to significantly grow the economy and achieve maximum welfare for the citizens, beginning with food and energy security. This Plan is a pointer to the type of Nigeria that the people desire in the short to medium-term, and encourages the use of science, technology and innovation to drive growth.

“It also provides a blueprint for the type of foundation that needs to be laid for future generations, and focuses on building the capabilities of the youth of Nigeria to be able to take the country into the future.”

BROAD OBJECTIVES

The ERGP has three main objectives, including restoration of growth which has been elusive; investment in the people; and becoming a globally competitive economy.

To restore growth, the ERGP focuses on macroeconomic stability through fiscal stimulus, monetary stability and improved external balance of trade; and economic diversification by giving attention to agriculture, MSMEs, etc.

“The revival of these sectors, increased investment in other sectors, less reliance on foreign exchange for intermediate goods and raw materials and greater export orientation will improve macroeconomic conditions, restore growth in the short term and help to create jobs and bring about structural change,” stated the ERGP.

To drive investment in the people, the government said it would focus on social inclusion through targeted programmes that will enhance access and ensure support for the vulnerable. It also said it would reduce regional inequalities, especially in the Niger Delta and the North East.

Further, the government also expressed commitment to job creation and human capital by investing in healthcare and education to fill the skills gap in the economy.

“The ERGP aims to tackle the obstacles hindering the competitiveness of Nigerian businesses, notably poor or non-existent infrastructural facilities and the difficult business environment,” stated the ERGP. “It will increase competitiveness by investing in infrastructure and improving the business.”

Outlook by 2020

The ERGP, the government said, is designed to achieve agricultural transformation and food security and make Nigeria become a net exporter of rice, cashew nuts, groundnuts, cassava and vegetable oil by 2020.

For tomato paste, rice and wheat, the government said it targeted self-sufficiency by 2017, 2018 and 2020 respectively.

Improved foreign exchange inflow, achieving 10 GW of power generation, becoming exporter of refined petroleum products, stable macroeconomic environment, infrastructural development and industrialised economy are other parts of the outlook Nigeria envisions come 2020.

It is not the first time Nigeria would have a development plan; but mismanagement, lack of coordination, and non-implementation stalled effectiveness of previous ones.

But the government said it would ensure implementation of the ERGP by tackling growth constraints like poor business environment; involving the private sector and allowing market function; promoting national cohesion, social inclusion and core values “that define the Nigerian society as enshrined in the 1999 Constitution, notably discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism.”

Surprisingly, the government did not mention tackling corruption held by the Buhari administration as one of its main goals.


DOWNLOAD THE PREMIUM TIMES MOBILE APP

Now available on

  Premium Times Android mobile applicationPremium Times iOS mobile applicationPremium Times blackberry mobile applicationPremium Times windows mobile application

TEXT AD:DIABETES Is CURABLE! Don't Let It Threaten You! To NORMALIZE Your Blood Sugar In 21Days For Life, Click Here!!!.


All rights reserved. This material and any other material on this platform may not be reproduced, published, broadcast, written or distributed in full or in part, without written permission from PREMIUM TIMES.


  • D a n g o t e-C e m e n t

    Promo!Promo!!Promo!!!
    BUY CEMENT
    DIRECT FROM THE FACTORY
    FOR A PROMO PRICE OF #1,300 PER BAG
    AND #300 TO DELIVER PER BAG
    BUYERS CAN ORDER A MINIMUM OF 100BAGS,TRAILER LOAD OF 600BAGS,TRAILER LOAD OF 900BAGSS AND ABOVE,CONTACT THE SALES MANAGER
    MR OJEKERE ON (0706538/3208) OR ASSISTANT SALES MANAGER MRS MARY ON (0813206/6217) FOR INQUIRY.

  • Epsilon_Delta

    Like year 2000, 2020 will surely come and guess what… just like year 2000, 2020 will come and go unnoticed… nothing will change. I trust my people on that.

  • thusspokez

    Nigeria has finally launched the long-awaited Economic Recovery and Growth Plan

    What more evidence do Nigerians but particularly, the Buhari supporters need to convince them that his administration had been lying to them about having economic plans to revive the economy? I told you so in my analytic posts on this website for which I only got abuse from the Buhari supporters.

    It took the Buhari administration:

    (1) 5 months to appoint ministers
    (2) 18 months to produce an economic plan.

    At this rate, it will take another 1-2 years to even start off the implementation process.

    • Karl Imom

      At what rate did the successive PDP administrations deplete the economy and siphoned natural gas/crude oil abroad for further theft?

      • thusspokez

        If you think that your question makes sense in the context of my comment, then you are a first-class mórón.

  • Smart

    May God almighty continue to help, protect and bless Nigeria, our country.

    • Otile

      God helps those who help themselves.

  • Otile

    God forgive sin. Have they so quickly abandoned the so called “Change Starts With Me” project that cost us 6 billions? The project died on arrival when Imam Mohamed lunched it with one line of bad plagiarism. This time they have started another high sounding nothing. If care is not taken this ERGP boondoggle will finally finish Najeriya. For one year now the country has been battling with tormenting recession, now famine is creeping in. Why must Nigeria be suffering famine with Somalia, Somalia has no oil and their own Islamic terrorism is milder than ours? As if that is not enough depression has crept in. What did Nigerian nation do to deserve the sheepish rule of Mohamed Buhari?

    • jon

      Nigerian are not suffering unless you lazy then nigeria is not for also we believe president buhari has achieved all his campaign promises so now to embark or long-lasting policy you don’t have to like it please dust your voters card for 2019 but I think is after 2023 by then he must fixed most things

    • Haha mallam

      Creek monkey. I dey laugh. Your brain contain only coconut water and palmwine. You’re a sick man lacking all human characteristic.

    • Patriotism

      The cronic hatred of PMB by the biafraud animals of the Zoo will not let them see or wish any good thing to Nigeria. They will be happy to hear Nigeria collapse and happy to hear that people are suffering, thing are spoiled. God is with us, shame on you, Nigeria is developing and growing. This Plan shall succeed and united Nigeria for life by God’s grace.

    • Patriotism

      A typical biafraud animal of the Zoo. Their brain contain nothing but parm wine. The most intelligent and brave among them is palm wine taper. Don’t be suprise .

      • George

        Just beg your terrorist president to come and govern us we are waiting to see the face of bed-wetting president

    • dpfrank

      Crap

    • front man

      Nonsense hatred is your problem

  • El Patron

    We have never achieved anywhere near 10GW, we can’t even consistently generate 5GW. I doubt we can attain 10GW by 2020. 7 is more realistic and even that will be hard

    • dpfrank

      10GW is possible in no distance time as promised

    • front man

      Calm down with your support and others we shall get it

  • Daniel

    This government has been experimental in policies.

    Very confused and direction less.

    I pity them !

    • dpfrank

      You don’t know what you are saying

      • Daniel

        You can eat the promises. 2019 just in front of you. Where is your president?

        Is London our new capital?

    • front man

      I think you are very wrong nothing like experimental here those will start to manifest soon

      • Daniel

        Stop dreaming.

        Check your time.

        Do you know what is called budget cycle?

        I no fit laugh ohhh!

        • front man

          You can tell me, over sabi

  • Mary

    THIS TO INFORM THE GENERAL REPUBLIC CONCERNING THE; PURCHASE OF DANGOTE 3X CEMENT AT A PROMO PRICE OF 1000# PER BAG AND RICE (MAMA AFRICA, MAMA GOLD, ROYAL SATALLION) 10,000# PER BAG. COST OF TRANSPORTATION FOR CEMENT IS 150# PER BAG AND RICE IS 500# PER BAG. CONTACT THE HEAD OF SALES, PASTOR THOMAS AISEMOTA ON 07038534730. NOTE: COST OF TRANSPORTATION IS MADE BEFORE DELIVERY.

  • Karl Imom

    There is selective censorship on premium times – what a disgrace!!

  • George

    They are still showing this bed-wetting president picture. Has he return or still in coma

    • dpfrank

      You should be ashamed of yourself for uttering such foul language against the President

      • George

        I have no respect for a president of boko haram

    • front man

      Trash guy

      • George

        Stop crying and instead help him to return to govern as he promises, he won’t because Baboons and Monkeys Bloods are after him right now. Very shameful disgusted nomadic he is

        • front man

          Why are you crying scum

  • front man

    Good one from FG this is the long awaited economy plan to take Nigeria out of recession