On Wednesday, April 5, 2017, President Buhari will formally launch his administration’s Economic Recovery and Growth Plan (ERGP) in Abuja.
According to Femi Adesina, the presidential spokesperson, the plan is part of efforts by the government to sustain and build on the successes so far recorded in tackling corruption, improving security and revamping the economy.
Femi Adesina said on his Facebook page:
“The medium-term ERGP, which had earlier been approved by the Executive Council of the Federation, FEC, has amongst its broad strategic objectives, restoring sustainable, accelerated inclusive growth and development; investing in the people; and building a globally competitive economy.”
Below are facts Nigerians should know about the plan.
1. 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.
2. It 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.
3. 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.
4. 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.
5. It will focus on tackling constraints to growth. Economic growth in Nigeria faces various supply constraints including fuel, power, foreign exchange, and business unfriendly regulations.
6. It will leverage the power of the private sector. Economic recovery and transformative growth cannot be achieved by the government alone.
7. The plan prioritizes the provision of a more business friendly economic environment.
8. It will promote national cohesion and social inclusion. Nigerians are the ultimate beneficiaries of more inclusive growth and therefore, the initiatives set out in this Plan are aimed at ensuring social inclusion and the strengthening of national cohesion.
9. The plan prioritises the use of the market as a means of resource allocation, where appropriate. However, the Plan also recognises the need to strengthen regulatory oversight to minimise market abuse.
10. The ERGP is rooted in the 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. It requires all citizens and stakeholders to adhere to these principles.
11. To restore growth, the plan focuses on achieving macroeconomic stability and economic diversification.
12. Macroeconomic stability will be achieved by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade.
13. Similarly, to achieve economic diversification, policy focus will be on the key sectors driving and enabling economic growth, with particular focus on agriculture, energy and MSME led growth in industry, manufacturing and key services by leveraging science and technology.
14. 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.
This will improve macroeconomic conditions, restore growth in the short term and help to create jobs and bring about structural change.