FG to unveil game plan to get Nigeria out of recession this month –Minister

In its efforts to ensure a turnaround of Nigeria’s economy, the Federal Government’s has announced that the National Economic Recovery Growth Plan (NERGP) will be ready for implementation before February ending.

This was made known in a statement issued by Mr Akpandem James, the Media Adviser to the Minister of Budget and National Planning, Senator Udoma Udo Udoma on Friday in Abuja,

The principal target of NERGP as revealed by the statement is to get “the economy out of recession, getting people back to work and moving the country from a consuming nation to a producing nation.”

NERGP, which is one the present administration plans to salvage the economy, centres on macroeconomic policy, economic diversification and growth drivers, competitiveness, social inclusion and jobs, and governance and other enablers.

With the programme government said it tends to achieve among other things, a growth rate of seven per cent between 2017 and 2020.

The plan, according to the minister, is to be formally launched soon by President Muhammadu Buhari.

He said, “This is expected to enrich the Plan development process. The Forum, scheduled for noon of Monday, February 6, 2017, is expected to be chaired by Vice President Yemi Osinbajo.

“The NERGP is a follow-up to the Strategic Implementation Plan (SIP) which was a short term economic plan to drive the implementation of the 2016 Budget. In the SIP, government promised that it would deliver a more comprehensive economic recovery and growth Plan subsequently.”

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He added that the programme will also aim at making available an atmosphere that will enable ease of doing business and creating jobs, among others.

“Implementation of the plan will be driven by strong political will and strong collaboration between the public and private sectors especially in the areas of Agriculture, Manufacturing, Solid Minerals, Services and Infrastructure,” he said.

According to the statement, 59 strategies have been developed and from among them 12 have been set as priority due to their importance to the success of the plan.

Areas listed as priority are restoring oil production to 2.2 million barrels per day and to reach 2.5 million barrels by 2020.

Others include privatise selected assets, accelerate non-oil revenue generation and drastically cut costs.

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