SAN FRANCISCO, January 23, (THEWILL) – The Federal Government has rolled out strategies that will end the current economic recession in the country, listing asset divestment, stable oil production and expansion of economic infrastructure as part of the strategic plans to haul the troubled economy out of recession and restore growth.
The Minister of Budget and National Planning, Senator Udoma Udoma, unveiled the strategies on Monday at the State House during the Second Presidential Business Forum presided over by the Acting President, Yemi Osinbajo.
He said the medium term Economic Recovery and Growth Plan, ERGP 2017-2020, was being finalised to address current economic challenges, restore growth and reposition the economy for sustained inclusive growth.
Udoma stated that the ERGP was designed to combat the current economic crisis, restore growth and ensure sustained inclusive growth, adding that though 59 strategies had been developed, the government had prioritised 12 strategies in implementing the ERGP.
The priority strategies are: privatization of ‘selected’ public asset; cutting costs of governance; restoration of crude oil production to 2.2 million barrels per day (mbpd), targeting 2.5mbpd by 2020; investment in critical infrastructure, especially electricity, roads, and railways to support investments; aligning monetary, trade and fiscal policies, as well as revamping the country’s refineries.
He listed other strategies as: improving ease of doing business, expanding social investment programmes, delivering on agricultural transformation, accelerating implementation of National Industrial Revolution Plan using special economic zones as well as focusing on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills.
The minister said the ERGP is different from the previous plans and visions that have been developed and not effectively implemented.
He said the implementation of the ERGP would be driven by: strong political will, close partnership and strong collaboration between public and private sectors, especially in the areas of agriculture, manufacturing, solid minerals, services and infrastructure, rigorous implementation plan (for instance, the ERGP forms the basis of the 2017 Budget) and delivery unit.
Udoma further stated that the ERGP builds on the existing 2026 SIP, and contains strategic objectives and enablers required to revive the economy.
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