Based on the ongoing implementation of the 2017-2020 Economic Recovery and
Growth Plan (ERGP) by the President Muhammadu Buhari-led administration,
the Minister of Budget and National Planning, Sen. Udoma Udo Udoma has
disclosed that the country’s economy will come out of recession in 2017.
Sen. Udoma said the 2017-2020 ERGP and the 2017 National Budget is based
on the manifesto of the All Progressives Congress (APC) and campaign
promises made by President Muhammadu Buhari during the 2015 elections.
The minister said this on Wednesday evening when he made a presentation to
the APC National Working Committee (NWC) at the Party’s National
Secretariat on the federal government’s 2017-2020 ERGP.
Citing high insecurity, massive corruption, unemployment, poor
infrastructure, import dependent economy and other structural weaknesses,
the Minister stated that the President Buhari-led administration inherited
an economy that was in a very bad shape.
“APC promised to bring Change to Nigerians. During the campaign, President
Muhammadu Buhari promised to tackle the security challenges, fight
corruption and fix the broken economy. Mr. President has remained
irrevocably committed to delivering on these three promises.” The Minister
said during the presentation.
He disclosed that the medium-term plan for 2017-2020 was developed through
an extensive consultative process. It builds on previous plans, including
sectoral plans and captures the key promises of the APC, the minister
“It (ERGP) contains bold actions required to tackle the current challenges
and build a more resident economy. It is designed to get the economy out
of recession unto a path of diversified, sustainable and inclusive growth.
The Minister outlined the ERGP’s outlook and major deliverables thus:
· 4.6% average real GDP growth rate over the Plan period reaching
7% by 2020
· Crude Oil output of 2.2 mbpd by 2017 rising to 2.5mbpd in 2020.
· 11.23% unemployment rate by 2020 from 14.2% in Q4 2016.
· Agriculture average annual growth rate of 6.9% over the Plan
· Single digit inflation rate by 2020 from 18.6% in December 2016.
· At least 10GW of operational electricity capacity by 2020.
· Over 15million direct jobs by 2020 – created in agriculture,
manufacturing, construction, services, etc
· Self sufficiency in rice and wheat in 2018 and 2020, respectively.
· Manufacturing sector average annual growth of 8.5%, peaking at
10.6% by 2020.
· 60% reduction in imports of refined petroleum products by 2018
and net exporter of refined crude by 2020.
In terms ERGP implementation, the minister said much of the capital
provision in the 2017 Budget is directed at projects that are aligned with
the core execution priorities of the ERGP. He called on the Party’s
hierarchy support to ensure delivery of the Plan’s objectives starting
with the 2017 Budget.
“Implementation of the 2017 Budget will be targeted at at achieving the
objectives of the ERGP and delivering on the promises of the APC and of
“As a ministry, we will continue to strengthening our monitoring and
evaluation framework – covering physical inspection/verification as well
as Impact Assessment of projects/programme implemented by MDAs.
“The ERGP is a plan for all Nigerians and we need the cooperation of all
for its success.
“Particularly, the support of the Party’s hierarchy is required to ensure
delivery of the Plan’s objectives starting with the 2017 Budget.” The
Speaking earlier, the APC National Chairman, Chief John Odigie Oyegun in
his remarks before the meeting went into a closed-door session noted that
the 2017-2020 Economic Recovery and Growth Plan (ERGP) was fundamental in
rebuilding and strengthening of the foundation of country, particularly
“The Plan is fundamental because it is the basis for which the rebuilding
and strengthening of the foundation of this nation is going to be based…
As a Party, when we speak on the state of the economy, it must be based on
knowledge and fact. With this presentation, we will be able to say three
year from now everything being equal, this is where we are likely to be.”