President Muhammadu Buhari on 5 April 2017, formally launched the National Economic Recovery and Growth Plan (ERGP) for Nigeria.
The ERGP is aimed at restoring Nigeria’s economy to the path of sustainable growth. The plan covers the years 2017 to 2020, and targets a 7% growth rate by 2020. The ERGP also seeks to promote self-sustenance by discouraging imports while promoting local production and consumption. In addition, the ERGP aims to create a business friendly environment, diversify the economy and make the economy globally competitive.
ERGP articulates 60 interventions and initiatives that must be pursued over the period covered to achieve the intended objectives. It also highlights five key execution priorities to which attention must be focused to achieve the planned growth; these are to:
• Stabilize the macroeconomic environment
• Achieve agriculture and food security
• Ensure energy efficiency (power and petroleum)
• Improve transportation infrastructure
• Drive industrialization, primarily through small and medium enterprises
A special unit within the presidency has been set up to closely monitor and drive the implementation of the ERGP. Also, implementation of the ERGP is expected to cascade down from federal level to the states.
As we expect roll-out of the full implementation plan, we will continue to monitor developments in this space and update you as further facts become available. A copy of the ERGP can be accessed HERE.