Buhari Set to Unveil Economic Recovery Plan

President Muhammadu Buhari is set to launch Nigeria’s Economic Recovery and Growth Plan (ERGP). This is a road map for economic recovery, growth and sustainable development.

The Media Adviser to the Minister of Budget and National Planning, Mr. James Akpandem, said that the ceremonial presentation of the plan would take place when Buhari returned from vacation.

Akpandem, who unveiled the plan on Tuesday in Abuja, said that the ERGP was available on the ministry’s website (www.nationalplanning.gov.ng) and that of the Budget Office (www.budgetoffice.gov.ng).

Akpandem said that the development of the plan went through rigorous processes, including wide consultation and robust engagement with stakeholders.

He said, “The plan has been approved by the Federal Executive Council. The core vision of the plan is one of sustained inclusive growth.

“There is an urgent need, as a nation, to drive structural economic transformation with emphasis on improving both public and private sector efficiency.

“The aim is to increase national productivity and achieve sustainable diversification of production, to significantly grow the economy and achieve maximum welfare for the citizens, beginning with food and energy security.’’

The official said that the plan envisaged that by 2020, Nigeria would have made significant progress towards achieving structural economic change with a more diversified and inclusive economy.

He added that the plan was expected to deliver on five key broad outcomes, namely: a stable macroeconomic environment, agricultural transformation and food security as well as sufficiency in energy.

Other outcomes, he said, would be on improved transportation infrastructure and industrialization, focusing on small and medium scale enterprises.

Akpandem noted that the ERGP was different from previous strategies and plans because it focused on implementation, at the core of the delivery strategy over the next four years.

He said that it outlined bold initiatives such as ramping up oil production to 2.5 million barrels per day (mbpd) by 2020.

He added, “It focuses on privatizing selected public enterprises/assets, and revamping local refineries to reduce petroleum product imports by 60 per cent by 2018.

“It builds on existing plan, such as the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master-plan.

“The plan signals a changing relationship between the public and private sector, based on close partnership.

“It also utilises the value of the merger of budget and planning functions into one ministry, to create a better and stronger link between annual budgets and the ERGP.”

He also added that the plan would provide for strong coordination with the states to ensure that the federal and sub-regional governments worked towards the same goals.

Source: NAN

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