Based on the ongoing implementation of the 2017-2020 Economic Recovery and
\nGrowth Plan (ERGP) by the President Muhammadu Buhari-led administration,
\nthe Minister of Budget and National Planning, Sen. Udoma Udo Udoma has
\ndisclosed that the country\u2019s economy will come out of recession in 2017.<\/p>\n
Sen. Udoma said the 2017-2020 ERGP and the 2017 National Budget is based
\non the manifesto of the All Progressives Congress (APC) and campaign
\npromises made by President Muhammadu Buhari during the 2015 elections.<\/p>\n
The minister said this on Wednesday evening when he made a presentation to
\nthe APC National Working Committee (NWC) at the Party’s National
\nSecretariat on the federal government’s 2017-2020 ERGP.<\/p>\n
Citing high insecurity, massive corruption, unemployment, poor
\ninfrastructure, import dependent economy and other structural weaknesses,
\nthe Minister stated that the President Buhari-led administration inherited
\nan economy that was in a very bad shape.<\/p>\n
“APC promised to bring Change to Nigerians. During the campaign, President
\nMuhammadu Buhari promised to tackle the security challenges, fight
\ncorruption and fix the broken economy. Mr. President has remained
\nirrevocably committed to delivering on these three promises.” The Minister
\nsaid during the presentation.<\/p>\n
He disclosed that the medium-term plan for 2017-2020 was developed through
\nan extensive consultative process. It builds on previous plans, including
\nsectoral plans and captures the key promises of the APC, the minister
\nsaid.<\/p>\n
“It (ERGP) contains bold actions required to tackle the current challenges
\nand build a more resident economy. It is designed to get the economy out
\nof recession unto a path of diversified, sustainable and inclusive growth.<\/p>\n
The Minister outlined the ERGP’s outlook and major deliverables thus:
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 4.6% average real GDP growth rate over the Plan period reaching
\n7% by 2020
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Crude Oil output of 2.2 mbpd by 2017 rising to 2.5mbpd in 2020.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 11.23% unemployment rate by 2020 from 14.2% in Q4 2016.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Agriculture average annual growth rate of 6.9% over the Plan
\nperiod.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Single digit inflation rate by 2020 from 18.6% in December 2016.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 At least 10GW of operational electricity capacity by 2020.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Over 15million direct jobs by 2020 – created in agriculture,
\nmanufacturing, construction, services, etc
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Self sufficiency in rice and wheat in 2018 and 2020, respectively.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Manufacturing sector average annual growth of 8.5%, peaking at
\n10.6% by 2020.
\n\u00b7\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 60% reduction in imports of refined petroleum products by 2018
\nand net exporter of refined crude by 2020.<\/p>\n
In terms ERGP implementation, the minister said much of the capital
\nprovision in the 2017 Budget is directed at projects that are aligned with
\nthe core execution priorities of the ERGP. He called on the Party’s
\nhierarchy support to ensure delivery of the Plan’s objectives starting
\nwith the 2017 Budget.<\/p>\n
“Implementation of the 2017 Budget will be targeted at at achieving the
\nobjectives of the ERGP and delivering on the promises of the APC and of
\nMr. President.<\/p>\n
“As a ministry, we will continue to strengthening our monitoring and
\nevaluation framework – covering physical inspection\/verification as well
\nas Impact Assessment of projects\/programme implemented by MDAs.<\/p>\n
“The ERGP is a plan for all Nigerians and we need the cooperation of all
\nfor its success.
\n“Particularly, the support of the Party’s hierarchy is required to ensure
\ndelivery of the Plan’s objectives starting with the 2017 Budget.” The
\nMinister said.<\/p>\n
Speaking earlier, the APC National Chairman, Chief John Odigie Oyegun in
\nhis remarks before the meeting went into a closed-door session noted that
\nthe 2017-2020 Economic Recovery and Growth Plan (ERGP) was fundamental in
\nrebuilding and strengthening of the foundation of country, particularly
\nthe economy.<\/p>\n
\u201cThe Plan is fundamental because it is the basis for which the rebuilding
\nand strengthening of the foundation of this nation is going to be based…
\nAs a Party, when we speak on the state of the economy, it must be based on
\nknowledge and fact. With this presentation, we will be able to say three
\nyear from now everything being equal, this is where we are likely to be.\u201d
\nHe said.<\/p>\n","protected":false},"excerpt":{"rendered":"
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…<\/p>\n","protected":false},"author":1,"featured_media":48459,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-58430","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\n