Key Issues

Nigeria unveils Economic Recovery Plan

Nigerian President, Muhammadu Buhari has launched the National Economic Recovery and Growth Plan 2017-2020 aimed at boosting the country’s economy.

President Buhari, while launching the plan, said his administration will pursue the country’s economic recovery plan with the same vigour it is using for the fight against terrorism and corruption.

The Economic Recovery and Growth Plan 2017-2020 was launched at the Presidential Villa, Abuja.

The President said the recovery programme was in tandem with his administration’s campaign promise to Nigerians, emphasising that the government remains committed to delivering on its three main promises.

“I want to assure all Nigerians that we are approaching the solution to our economic challenges with the same will and commitment we have demonstrated in the fight against corruption, terrorism and ,militancy.

I am pleased to launch our Economic Recovery and Growth Plan ERGP, 2017-2020 today. Our political campaign was based on recognition of the difficult situation Nigeria was in and the need to bring positive and enduring change. We remain committed to our promise to change Nigeria for good. We equally remain committed to delivering on the three key areas that we promised; improving security, tackling corruption and revitalising the economy,” he said.

Shedding more light on the recovery plan, President Buhari said it brings together all sectorial plans of the country comprising agriculture, food security, energy and transport infrastructure including industrialisation and social investment in a single document.

Road Map

He said the plan builds on the strategic implementation plan as it sets out an ambitious roadmap aimed at achieving a seven percent growth rate by 2020.

The President further said “Our aim simply put is to optimise local content and empower local businesses, seeking not just to take the economy out of recession but to place it on a path of sustained inclusive and diversified growth. We are determined to change Nigeria form an import dependent country to a producing nation that grows what it eats and consumes what it produces. We must strive to have a strong naira and a productive economy.”

President Buhari, who also said the government will create the enabling environment for businesses to thrive, appealed to state governments to draw inspiration from the plan to articulate their economic programmes.

He sued the support of all Nigerians to enable government achieve the objectives of the ERGP, adding that the role of all stakeholders is critical for its success.

Legislative Support

In his remark, President of the Senate, Dr Bukola Saraki congratulated the President and his economic team for marshalling out the vibrant plan, which he said exhibits a fulfilment of government’s promise to Nigerians.

“I congratulate the President, the Vice President and the Economic Management Team for putting up this document that we are launching today. Today signifies a promise kept and I believe that the most important thing for every government is keeping the promise to its people. Secondly today we are restoring hope and bright future. I have seen the document, it is a good one,” he said.

Saraki pledged the support of the Senate towards the full implementation of the plan, which he said must work, for the benefit of all Nigerians.

Similarly, the Speaker, House of Representatives, Mr Yakubu Dogara said the plan speaks to all aspects of development challenges in the country.

He said the document when successfully implemented will move the country forward and make life better for its citizens, adding that under the leadership of President Muhammadu Buhari, the country will benefit a lot form the document.

“I am convinced that we have found an able Captain in the person of President Muhammadu Buhari, who is supported by reliable co-pilot and since they both mean whatever they say, I am hundred percent sure that they will devout their energy to the implementation of this document,” he said.

The Speaker pledged the unalloyed cooperation and support of the House of Representatives to the implementation of the growth plan.

“As the representatives of the people, we will follow through to ensure that this meaningful document is implemented. This government has assumed the character of dealing with things that were hitherto very difficult and we thought we couldn’t deal with as a nation. It is addressing problems of insecurity and corruption thus, the curse that this nation is a burial ground for sound ideas and plans like this must equally be dealt with,” the Speaker advised.

Growth Restoration

Earlier, in his welcome address, Minister of Budget and National Planning, Udo Udoma thanked President Buhari for his inspiration and guidance in the development of the plan.

He said the plan’s main objectives are to restore growth, invest in the people and build a globally competitive economy.

Udoma said “To achieve these objectives, the plan articulates 60 interventions and initiatives that must be executed and completed within the next four years, without compromising the core values of the nation, such as discipline, integrity, social justice, self reliance and patriotism.”

He noted that the ERGP was put together by the Federal Executive Council, with inputs from the National Assembly, State Governors and Commissioners of Planning, Development partners, members of the private sector, Economists, researchers, the civil society, labour unions, members of the academia, who all attended many retreats held by the Ministry of Budget and National Planning.

Also present at the launch of the ERGP was the Vice President, Professor Yemi Osinbajo, the National Chairman of the governing party, the All Progressives Congress, Odigie Oyegun amongst others.

The formal launch of the document preceded the weekly meeting of the Federal Executive Council, which was chaired by President Muhammadu Buhari.

Source: Voice of Nigeria