The Federal Government on Monday, January 23, unveiled the strategies to end the current economic recession.
The minister of Budget and National Planning, Senator Udoma Udoma,
disclosed this revealed the strategies at the Presidential Villa in
Abuja during the Second Presidential Business Forum presided over by
Vice President Yemi Osinbajo.
He said the plan, dubbed Economic Recovery and Growth Plan
(ERGP 2017-2020), is in its final stage and would address current
economic challenges, restore growth and reposition the economy for
sustained inclusive growth.
According to
him, 59 strategies have been developed for implementation, but 12 of
them have been prioritised based on their import to the success of the
ERGP.
Udoma
listed the 12 plans as restoring production to 2.2mbpd and reaching
2.5mbpd by 2020, privatising selected assets, accelerating non-oil
revenue generation, drastically cutting costs, aligning monetary, trade
and fiscal policies, expanding infrastructure especially power, roads
and rail as well as revamping the four existing refineries.
Other
strategies are; 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 stressed that 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 will 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 and delivery unit.
He said the ERGP forms the basis of the 2017 Budget.
Udoma
added that said the ERGP builds on the existing 2026 SIP, and contains
strategic objectives and enablers required to revive the economy.
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