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Wednesday, 5 April 2017

Here is the 12 Things Nigerians Should Know About Buhari's Economic Recovery Plan

Fresh gist reaching us as the Nigeria's President, Muhammadu Buhari has on Wednesday launched the Nigeria Economic Recovery and Growth Plan (ERGP) (2017 to 2020) at the Council Chamber of the Presidential Villa, Abuja.

Report gathered stressing that his administration is committed to delivering its electoral promises, he said that the plan will not only take Nigeria out of recession but place the economy on inclusive growth.

Here are 12 important things Nigerian should know about the
economic plan:
1. The ERGP has three broad strategic objectives: restoring growth of the economy, investing in the Nigerian people, and building a globally competitive economy;

2. It targets the growth of Nigeria’s gross domestic product, GDP, by 2.19 percent in 2017 and 7.0 percent by the end 2020;

3. It envisages reducing inflation to single digit by 2020 and increasing federal government’s revenues from N2.7 trillion in 2016 to N4.7 trillion in 2020;

4. It prioritizes key turnaround interventions and enablers to generate concrete, visible impact by 2017 and articulates medium term economic policies for implementation between 2017 and 2020;

5. It focuses on achieving macroeconomic stability; economic growth and diversification; competitiveness and business environment; and governance and security;

6. It builds on the short-term Strategic Implementation Plan, SIP, for the 2016 ‘Budget of Change’ towards sustainable accelerated development for 2017-2020;

7. It outlines initiatives to boost oil production to 2.5 million barrels by 2020, privatise selected public enterprises/asset, and revamp local refineries to reduce petroleum product imports by 60 per cent by 2018;

8. It builds on the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master Plan;

9. It emphasises improvement on public and private sector efficiency towards increased national productivity, sustainable diversification of production, food and energy security.

10. It has five execution priorities to kick-start economic recovery: stabilization of the macroeconomic environment, achieving agriculture and food security, ensuring energy sufficiency in power and petroleum products, improving transport infrastructure, and driving industrialization through local and small business enterprise;

11. It merges the budget and planning functions into one ministry to create a better and stronger link between annual budgets and the national economic plan;

12. It seeks to help improve oil revenues earnings from N700 billion in 2016 to N1.3 trillion per year in 2017 and N1.45 trillion per year by 2020; boost oil production from 1.4 million barrels per day in 2016 to 2.2 million barrels per day in 2017 and 2.5 million barrels per day by 2020.

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