Nigerian govt identifies 59 ways to achieve economic recovery, growth

 

Minister of Budget and National Planning Senator Udoma Udo Udoma [Photo Credit: Channels TV]

The Federal Government said on Friday it had identified 59 ways under a comprehensive plan to achieve economic recovery and growth within the next three years.
These are included in the proposed Nigeria Economic Recovery and Growth Plan, NERGP, 2017 – 2020 development process currently undergoing final touches.
The focus of the plan would be to address current economic challenges,
restore growth and reposition the economy for sustained inclusive growth.
The Vice President, Yemi Osinbajo, is scheduled to preside over a forum organised by the Ministry of Budget and National Planning for representatives of the private sector to actively engage their public sector counterparts on the proposals.
The forum is part of efforts to carry along critical sectors and ensure the successful development of the plan expected to be formally launched by President Muhammadu Buhari later this month.
“The NERGP is a follow-up to the Strategic Implementation Plan, SIP, which was a short term economic plan to drive the implementation of the 2016 Budget,” spokesperson to the Minister of National Planning, Akpandem James, said in a statement.
“In the SIP, government promised it would deliver a more comprehensive economic recovery and growth plan subsequently.
“It is principally targeted at getting the economy out of recession, get people back to work, move the country from a consuming nation to a producing nation, provide an environment for ease of doing business and create jobs, among others,” Mr. James said.

He said government had already engaged and discussed with economic experts, the organised private sector, civil society groups, the academia and state governments on how to develop the NERGP.
He said the engagement was in keeping with its promise to ensure extensive consultation with relevant stakeholders, including state governments prior to the final roll out of the plan.
Implementation of the plan, Mr. James explained, would be driven by government’s strong political will, close partnership and strong collaboration between the public and private sectors, especially in the areas of agriculture, manufacturing, solid minerals, services and infrastructure.
The 59 ways include 12 considered as priority based on their strategic importance to the overall success of the plan.
These include restoration of oil production to 2.2 million barrels per day and a target of 2.5 million barrels per day by 2020; privatisation of selected asset; acceleration of non-oil revenue generation; drastic cut in costs; alignment of monetary, trade and fiscal policies, and expansion of infrastructure, especially power, roads and rail.
The other identified ways include revamping the four existing refineries; improving the ease of doing business; expanding social investment programmes; delivering on agriculture; accelerating implementation of National Industrial Revolution Plan using special economic zones as well as focusing on priority sectors to generate jobs, promote exports, boost growth and upgrade skills.
Also, the key industrial and trade policy initiatives include the resuscitation of the export expansion grant to provide export policy orientation for foreign exchange earnings, diversification and global competitiveness and strengthening the presidential enabling business environment committee, PEBEC to facilitate the improvement of the country’s business environment.
The other areas include leveraging ICT to improve global competitiveness of the country establishment of an ICT Ecosystem; expansion of broadband coverage;
establishment of “Innovations and Experience” centres and ICT clusters; improved support to micro, small and medium enterprises to maximize their contribution to growth, employment and export earnings as well as promoting the policy of made-in-Nigeria goods.