President Buhari Unveils Nigeria's Economic Recovery & Growth Plan, Here Are 21 Things To Know

Published 2 years ago by: Giwa bayo
at 11:53 AM, 5/04/2017 (2 years ago)

(11808 | Hero) (m)


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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Knowman at 12:03 PM, 5/04/2017 (2 years ago)
(752 | Upcoming) (m)

What's this shit am reading ?
Reply
DrSoba at 12:39 PM, 5/04/2017 (2 years ago)
(5027 | Gistmaniac) (m)

Mtcheeeeeeeeeeeew
Reply
christianity at 12:55 PM, 5/04/2017 (2 years ago)
(7363 | Gistmaniac) (m)

So apart from being a magician he is also a mathematician?? Buharia clap for urself
Reply
dynasty4all at 02:02 PM, 5/04/2017 (2 years ago)
(4509 | Gistmaniac) (m)

OKOKO
Reply
morgan1 at 04:13 PM, 5/04/2017 (2 years ago)
(10680 | Hero) (m)

 Roll Eyes
Reply
chukkychukky at 05:24 PM, 5/04/2017 (2 years ago)
(7027 | Gistmaniac) (m)

hmmm

Reply
willyking at 07:01 PM, 5/04/2017 (2 years ago)
(1901 | Gistmaniac) (m)

Give us constant light and stope blabbing talk active.
Reply
Goodluck-just at 07:14 PM, 5/04/2017 (2 years ago)
(1018 | Gistmaniac) (m)

We hav been hearin all dese tins b4, buhari dnt kno wat dis country need first,
Reply
Goodluck-just at 07:18 PM, 5/04/2017 (2 years ago)
(1018 | Gistmaniac) (m)

D very first tin we ned in dis country is constant none-stop electricity,

if dats available, den evry human being in dis 9ja wil b encouraged to go into smal or large scale businesses dat wil instantly boost d economy fast even b4 2018,
 
ask kison and beneno, dey kno wat i am talkin abt.
Reply
BournIdentity at 08:34 AM, 6/04/2017 (2 years ago)
(46268 | Addicted Hero) (m)

Alryt,,,                                                           
Reply
Larry28 at 03:15 PM, 6/04/2017 (2 years ago)
(16510 | Hero) (f)

ok
Reply
Buncho at 06:06 PM, 6/04/2017 (2 years ago)
(945 | Upcoming) (m)

jooo oooo
Reply
BournIdentity at 05:21 AM, 8/04/2017 (2 years ago)
(46268 | Addicted Hero) (m)

Roll Eyes .,,,,                                                                          
Reply

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