President
Muhammadu Buhari will formally launch his administration's economic
recovery and growth plan, ERGP, this Wednesday in the federal capital
territory, Abuja.
We reported on Tuesday
that according to a press release by Femi Adesina, the presidential
adviser on media and publicity, President Muhammadu Buhari will formally
launch his administration’s economic recovery and growth plan, ERGP, on
Wednesday in Abuja.
The plan is part of efforts by the Buhari-led federal government to
sustain and build on the successes so far recorded in tackling
corruption, improving security and revamping the economy.
The medium-term ERGP, which had earlier been approved by the
Executive Council of the Federation, has amongst its broad strategic
objectives, restoring sustainable, accelerated inclusive growth and
development; investing in the people; and building a globally
competitive economy.
Following the Strategic Implementation Plan, SIP, formulated for
the short-term objective of executing the 2016 ‘Budget of Change’, the
government recently unveiled the comprehensive ERGP to pursue the medium
to long-term objectives of realising certain national targets in the
economy between 2017 and 2020.
Here are 21 things Nigerians should know about the ERG Plan.
1. The ERGP has three broad strategic objectives: restoring growth
of the economy, investing in the Nigerian people, and building a
globally competitive economy;
2. It targets the growth of Nigeria’s gross domestic product, GDP, by 2.19 percent in 2017 and 7.0 percent by the end 2020;
3. 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;
4. It prioritizes key turnaround interventions and enablers to
generate concrete, visible impact by 2017 and articulates medium term
economic policies for implementation between 2017 and 2020;
5. It focuses on achieving macroeconomic stability; economic growth
and diversification; competitiveness and business environment; and
governance and security;
6. It builds on the short-term Strategic Implementation Plan, SIP,
for the 2016 ‘Budget of Change’ towards sustainable accelerated
development for 2017-2020;
7. It is a multi-pronged agenda to tackle corruption, improve security and re-build the economy;
8. It is consistent with the Sustainable Development Goals, SDGs,
as it addresses economic, social and environmental sustainability
issues;
9. It is different from previous plans, as there appears to be a
strong political determination, commitment and will at the highest level
to realize the objectives;
10. It has a delivery unit in the presidency to drive implementation of economic priorities;
11. It outlines initiatives to boost oil production to 2.5 million
barrels by 2020, privatise selected public enterprises/asset, and revamp
local refineries to reduce petroleum product imports by 60 per cent by
2018;
12. It builds on the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master Plan;
13. It seeks to promote effective collaboration and coordination
between the federal and state governments’ work towards achieving
national objectives;
14. It emphasises improvement on public and private sector
efficiency towards increased national productivity, sustainable
diversification of production, food and energy security.
15. It focuses on tackling constraints to national economic growth,
by leveraging the power of the private sector towards economic recovery
and transformation;
16. It has five execution priorities to kick-start economic
recovery: stabilization of the macroeconomic environment, achieving
agriculture and food security, ensuring energy sufficiency in power and
petroleum products, improving transport infrastructure, and driving
industrialization through local and small business enterprise;
17. It is a blueprint for recovery in the short term and a strategy for sustained growth and development in the long term.
18. 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;
19. It seeks to help improve oil revenues earnings from N700
billion in 2016 to N1.3 trillion per year in 2017 and N1.45 trillion per
year by 2020;
20. It 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.
21. It aims to boost efficiency in savings of N50 billion per year and reducing government overhead expenditures by 25 per cent.
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