President Muhammadu Buhari on Wednesday inaugurated the Economic Recovery
and Growth Plan (ERGP) 2017-2020 with a call on Nigerians to support its
smooth implementation to change Nigeria for good.
The President, who inaugurated the plan in the Presidential Villa, Abuja,
assured that with its inauguration, his administration was approaching the
solution to the nation’s economic challenges with the same will and
commitment it had demonstrated in the fight against corruption, terrorism
and militancy.
He noted that the ERGP had brought together all the sectoral plans for
agriculture and food security, energy and transport infrastructure,
industrialisation and social investments together in a single document.
According to him, it builds on the Strategic Implementation Plan and sets
out an ambitious roadmap to return the economy to growth and to achieve a
seven per cent growth rate by 2020.
He, therefore, enjoined state governments to draw aspiration and strategic
direction from the plan to articulate their economic programmes,
particularly in the development of the real sector.
“The Economic Recovery and Growth Plan brings together all our sectoral
plans for agriculture and food security, energy and transport
infrastructure, industrialization and social investments together in a
single document.
“It builds on the Strategic Implementation Plan and sets out an ambitious
roadmap to return the economy to growth; and to achieve a seven per cent
growth rate by 2020.
“The Plan I am launching today therefore sets out what we, as government,
are committed to do, to create the enabling environment for business to
thrive. The Plan is a national plan, hence the role of state governments
is critical to its success.
“I therefore wish to appeal to the state governments to draw inspiration
and strategic direction from the Plan to articulate their economic
programmes, particularly in the development of the real sector.
“I call on all Nigerians to work with us to ensure we achieve those
objectives. The contents of the Plan are already familiar to a broad
cross-section of Nigerians because it was developed in consultation with a
wide group of stakeholders, including the National Assembly, State
Governments, the business community, labour unions, academia, civil
society groups and development partners.’’
He reiterated the determination of his administration to change Nigeria
from an import dependent country to a producing nation.
President Buhari, who expressed the commitment of his administration to to
have a strong Naira and productive economy, stated that Nigeria must
become “a nation where we grow what we eat and consume what we produce’’.
“Our aim simply put, is to optimise local content and empower local
businesses. We seek not just to take the Nigerian economy out of recession
but to place it on a path of sustained, inclusive and diversified growth.
“We are determined to change Nigeria from an import dependent country to a
producing nation.
“We must become a nation where we grow what we eat and consume what we
produce.We must strive to have a strong Naira and productive economy.
President Buhari commended the Ministry of Budget and National Planning
for successfully coordinating the plan’s development.
He also saluted the efforts of the Economic Management Team under the
leadership of the Vice President for overseeing the drafting of the plan.
“I am pleased to present this Economic Recovery and Growth Plan for use by
the Nigerian people, our friends and partners and to guide our development
efforts over the next four years,’’ he added.
In their separate goodwill messages at the event, the Senate President
Bukola Saraki and Speaker of the House of Representatives Yakubu Dogara
assured that the National Assembly would support and ensure successful
implementation of the Plan.
Gov. Abdulaziz Yari of Zamfara, who spoke on behalf of the 36 governors of
the federation, thanked President Buhari for his support and assistance to
state governments.
He noted that such assistance had helped the states in addressing some of
their socio-economic challenges.
Earlier in his remarks, the Minister of Budget and National Planning, Sen.
Udoma Udo Udoma, said the broad objectives of the ERGP were to restore
growth, build a globally competitive economy and subsequently build a
self-reliant economy.
According to him, 60 interventions have been identified for execution in
the next four years to achieve the objectives.
“Our aim is to create a culture where Nigeria continuously seek ways to
add value to the resources we have been blessed with. In short, our aim is
to change Nigeria, and change for good.
“To achieve this, the plan articulates up to 60 interventions and
initiatives, that must be executed and/or completed within the next four
years to tackle, and to remove, impediments to growth; to make markets
function better; and to leverage the power of the private sector.
“However, this growth is to be archived without compromising the core
values of this nation such as discipline, integrity, social justice,
self-reliance and patriotism.
“And, of course, all the initiatives in the Plan will be implemented in
such a manner as to continue to strengthen and promote national cohesion
and social inclusion.”
The Medium-Term ERGP was approved by the Federal Executive Council (FEC)
during one of its meetings in 2017.
ERGP has among its broad strategic objectives, restoring sustainable,
accelerated inclusive growth and development; investing in the people; and
building a globally competitive economy.
The Plan was specifically designed to take the country out of the
recession and, in the long term, continue to grow the economy while
planning of the 2017 was also based on the ERGP to accelerate speedy
recovery and development of infrastructure.