NewsExpress advert FCMB banner
FG releases Economic Recovery Plan

By News Express on 07/03/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 763

•Senator Udo Udoma.
•Senator Udo Udoma.

The Economic Recovery and Growth Plan (ERGP), which unveils a road map for Nigeria’s economic recovery, growth and sustainable development, was released in Abuja on Monday. It is available on both the Ministry of Budget and National Planning website ( and that of the Budget Office (

A statement signed by Akpandem James, Media Adviser to Minister of Budget and National Planning, Senator Udoma Udo Udoma, said: “The development of the plan went through a rigorous process including wide consultation and robust engagements with stakeholders from a range of relevant fields including economic experts from the public and private sectors, in academia, the Organised Private Sector, Civil Society groups, Organised Labour, sub-regional governments, International Development Partners (including the World Bank, International Monetary Fund and African Development Bank), the National Economic Council (NEC) and the National Assembly. 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 an 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 Plan envisages that by 2020, Nigeria would have made significant progress towards achieving structural economic change with a more diversified and inclusive economy.
Overall, the Plan is expected to deliver on 5 key broad outcomes, namely: a stable macroeconomic environment, agricultural transformation and food security, sufficiency in energy (power and petroleum products), improved transportation infrastructure and industrialisation focusing on small and medium scale enterprises.

“Realising that the country’s economy would remain on a path of decline if nothing was immediately done to change the trajectory, the present administration, when it assumed office, embarked on strategic moves to halt the trend and redirect the course of the country’s economy and growth process.

“The process started with the development of the Strategic Implementation Plan (SIP) for the 2016 Budget of Change as a short-term intervention. The ERGP, a Medium Term Plan for 2017 – 2020, builds on the SIP and has been developed for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people.

“The Plan seeks to eliminate the bottlenecks that impede innovations and market based solutions, recognises the need to leverage Science, Technology and Innovation (STI) to build a knowledge-based economy, and is consistent with the aspirations of the U.N.’s Sustainable Development Goals (SDGs).

“The ERGP differs in several ways from previous strategies and plans as it:

*is anchored on focused implementation which is at the core of the delivery strategy over the next four years;

*outlines bold initiatives such as ramping up oil production to 2.5mbpd by 2020, privatising selected public enterprises/assets, and revamping local refineries to reduce petroleum product imports by 60 percent by 2018;

*builds on existing sectoral plans such as the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master-plan;

*signals a changing relationship between the public and private sector based on close partnership.

*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; and

*provides for strong coordination with the states to ensure that the federal and sub-regional governments work towards the same goals.

“The thinking behind the development of the Plan was driven by several fundamental principles, including a focus on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion as well as allowing markets to function.

“The Plan has three broad strategic objectives which are expected to help achieve the vision of inclusive growth: restoring growth, investing in the people, and building a globally competitive economy.

“The ERGP focuses on achieving macroeconomic stability and economic diversification by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade.

“The delivery mechanism has been identified as a major determining factor in the successful implementation of the Plan. The implementation strategy therefore focuses on prioritising the identified strategies, establishing a clear system of accountability for well-defined assignment of responsibilities, setting targets and developing detailed action plans, allocating resources to prioritised interventions, creating an enabling policy and regulatory environment, developing an effective monitoring and evaluation system to track progress, and using effective communication strategies.

“The ceremonial presentation of the Plan will take place after His Excellency, President Mohammadu Buhari, returns from vacation.”

Source News Express

Posted 07/03/2017 10:06:26 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Soldier reveals how 4000 PVCs was intercepted during...

Adesina donates US $250,000 World Food Prize money...

500,000 Lagos residents at risk of epidemic from...

Groups commend Minister, Commissioner for identifying with Nigerians...

Anglican Archbishop identifies reason behind Biafra agitation, proffers...

Osun initiates moves to reduce governance cost, sustain...

270 drug hawkers arrested in Kano

Chief Judge confirmed crushed in Saudi hajj stampede...

Minister charges ICAN on transparency, accountability

Textile workers urge FG to declare war on...

Boko Haram lures North East youths with mouth-watering...

Shippers urge FG to review import policies


Latest News Nigeria can never survive without North, says ACF *Afenifere insists on restructuring Obi, other SDG experts speak at UN event in Germany 9 suspected kidnappers nabbed in Taraba Leave Idoma land or see fire, youths tell Fulani herdsmen •Give April 15 deadline Lawmakers give Commissioner, Lagos monarch 7 days to remove traditional ruler Facebook crisis: British MPs summon Zuckerberg Armed Forces determined to end terrorism in Nigeria: DHQ Police Special Squad arrests 7 cultists in Anambra •I lied to my wife that I was attending church night vigil — Suspect We’ll entrench transparency, integrity, competition in award of contracts — Okowa 2019: NULGE endorses Ugwuanyi for second term, seeks LG autonomy World Oral Health Day: 750 benefit from Kaduna Refinery’s Free Dental Care NiMet predicts partly cloudy weather for Wednesday


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (332,534 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (325,223 views) Shameless Genevieve Nnaji exposes breasts in public (260,922 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (214,461 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (198,079 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,527 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (167,762 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,490 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (143,217 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (133,330 views) Lagos plane crash: Journalist releases victims’ names (132,687 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (125,951 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business & Economy (2,973) Business Verdict (36) Columnists (814) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (455) Features (554) Global Business Monitor (239) International (1,859) Interview (146) Live Commentary (28) Love Matters (114) News (33,775) Opinion (896) Pidgin (10) Politics (4,629) Religion (701) Sports (1,457) Stock Watch (28) AMA & Al Jazeera Global Update





Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera