Nigerian govt announces strategies out of recession

Photo Credit: Newsverge

Asset divestment, stable oil production and expansion of economic infrastructure are parts of the strategic plans of the Nigerian government to haul the troubled economy out of recession and restore growth, the Minister for Budget and National Planning, Udoma Udoma, has disclosed.

Mr. Udoma spoke on Monday at the State House, Abuja, where he unveiled the Economic Recovery and Growth Plan, ERGP, 2017-2020, during the Second Presidential Business Forum chaired by the Acting President, Yemi Osinbajo.

According to the minister, the ERGP, a new medium-term plan, was designed to combat the current economic crisis, restore growth and ensure sustained inclusive growth.

To implement the ERGP, he said the government had prioritised 12 strategies, though 59 strategies had been developed.

The priority strategies are: privatization of ‘selected’ public asset; cutting costs of governance; restoration of crude oil production to 2.2 million barrels per day (mbpd), targeting 2.5mbpd by 2020; investment in critical infrastructure, especially electricity, roads, and railways to support investments; and revamping the country’s refineries.

Others are: expansion of social investment programmes; improving the ease of doing business in the country; accelerated implementation of National Industrial Revolution Plan; exports promotion; agricultural transformation; improving skills, and enhancing growth.

The sale of national asset to raise funds needed to combat recession, when it was muted last year, sparked debate, dividing analysts and lawmakers.

Nigeria’s economy heavily relies on oil revenue. Slide in oil prices and low output due to renewed insurgency in the Niger Delta region have hit the country and plunged her into recession which has seen businesses and families go through worst experiences in years.

PREMIUM TIMES understands Nigeria is also making efforts to secure funds from multilateral agencies and China to address her economic challenges, including to fund budget especially critical infrastructural objectives.

But last week, an exclusive report by Reuters said the country’s efforts to secure funds may have stalled “because it has not submitted the required economic reform plans.”

While it quoted unnamed sources in global and Nigeria’s finance circle, Reuters quoted the African Development Bank, AfDB, President, Akinwunmi Adeshina, as saying the bank held back the last tranche of $one 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 reason for holding back last tranche of loan for Nigeria.

Nigeria’s Finance Minister, Kemi Adeosun, declined comment on the Reuters’ report. Her spokesperson, Felix Akanbi, who also asked to be sent a message did not reply.


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  • Otile

    What happened to “Change Begins With Me” scheme which cost the government a lot of oil money? I can’t believe the scheme died on arrival simply because Imam committed plagiarism while selling the idea to people.

    • Senator D

      “Change Can’t begin with me” because SFG, Kyari, and many others are accused of criminality and Nigerians are the more wiser so selling that old fad “music” won’t fly…

    • Sir Demo

      Will u reserve ur data and time for Biafraud issues?

      • Senator D

        MTN must have given you free data with a Nokia 3310 phone to come here and defend your taskmaster!

      • Otile

        There is no data set aside for Oduafraud issues.

  • Ohnigeria Godsavenigeria

    This is a government suffering from acute delusional withdrawal syndromes.
    This bubus government is going down as the most fraudulent, most deceitful, most deluded, most lying, most clueless, most murderous, most clannish, most tribal /ethnic bigoted and most hypocritical government ever seen in Nigeria.
    This is the worst thing that can ever happen to any nation. Having men whose souls are perverse and depraved at the helm of affairs, men who govern with the instrument of lies, deception, falsehoods, hate and wickedness.
    May God never allow this nation to ever fall into the evil grip of liars and hypocrites again. Buhari is an evil plaque and a debilitating evil affliction upon Nigeria. May God deliver our nation from this epidemic called change.Surely we shall be free in 2019 when God shall save us from this error of judgment that destroyed our nation.

    • Sir Demo

      You haven’t said anything beyond the usual tantrum from bigoted and delusional minds

      • Galantman

        true brother

    • Galantman

      You sound like a broken drum, awful, irritating noise. Perhaps you are overwhelmed by emotions due loss of vintage position of looting.
      Instead of putting forward solid proposals backed by intellectual discourse, you are busy spewing insults and trash.
      You said nothing except display your stupidity and hatred

  • thusspokez

    Mr. Udoma spoke on Monday at the State House, Abuja, where he unveiled the Economic Recovery and Growth Plan, ERGP, 2017-2020…

    Any Nigerian who is thinking that the Buhari government already has strategies to get Nigeria out of its current recession would be shocked, deeply disappointed, if not depressed by this announcement.

    You are very hungry, and your stomach is growling and crying out for food; you have been told that food will be ready soon; so meanwhile you find distraction to keep your mind off your hunger. After waiting for hours, you return to the kitchen, only to find that the cook is only now producing ingredients shopping list he would need to buy before he could cook a meal. How you feel is how most Nigerians must feel after reading about this new unveiling.

    • Enemona

      This is a very simplistic way to view this. If this was directed towards simpletons, then it would make sense.

      • thusspokez

        This is a very simplistic way to view this.

        Shouldn’t expressing an issue (whether simple or complex) in very simplistic manner supposed to be a good thing for an audience?

        But what exactly is your objection(s) to my comment or perhaps you are too dumb to present a strong counter argument?

        I often feel pity for people like you because of your inability to express yourself clearly and logically. And I wonder why your dumb type is in such abundance on Nigerian website — I never see this on other websites. Maybe, it is the product of an education that is based on cramming, anti-critical thinking and absence of debating skills.

        Try writing something like: I disagree with you on point _ _ _ _ _ because _ _ _ _ _ _ _ .