Federal Government is working on a National Economic Recovery and Growth Plan, which it describes as a Medium Term Plan that will see to the resuscitation of the nation’s dwindling economy.
The plan is to be launched before the end of the year as government express optimism that it will help the country on the path of greater fortunes.
Giving more details about the plan on Thursday in Abuja at the opening ceremony of a two-day National Economic Retreat, Udoma Udo Udoma, minister of budget and national planning, said the plan would help in putting government strategies, directions, policy priorities and intended initiatives in one place.
“It is helpful to note that the National Economic Recovery and Growth Plan will play a signalling role, while also promoting coherence and coordination,” Udoma said, adding that the plan, which will prevent duplication and needless dissipation of scarce resources, would further guide economic actors in various sectors.
Udoma said the plan would contain an incorporation of the already launched roadmaps of the agriculture, solid minerals, water, and petroleum resources sectors.
The minister further said before the unveiling of the plan, participants at the retreat, which had in attendance stakeholders drawn from various MDAs, would critically work on the five thematic areas of the new plan which are: tegMacroeconomic policy, economic diversification and growth, competitiveness, jobs and social inclusion as well as governance.”
Udoma, while assuring that the new plan will revive the economy, reiterated, tegmacroeconomic stability will be the foundation of our economic success. We want to have coordinated fiscal and monetary policies and an economy with low inflation, stable exchange rates and strong economic growth.”
While charging the participants of the retreat to be candid and innovative with their inputs into the draft Plan, he hinted that the draft will later be shared in consultation with various groups including Federal and State Governments, the private sector and development partners.
He added that the idea to formulate the NERGP which is a medium term plan was borne out of the need to assemble together governments previously unveiled plans like the Strategic Implementation Plan (SIP) and the Medium Term Sector Strategies (MTSS) which was developed for large spending ministries.
With regard to oil production, the Minister disclosed that FG has intensified the use of dialogue to reduce the disruptions to oil production in the Niger Delta. Adding that the Ministry of Petroleum Resources has indicated that oil production has improved significantly in recent weeks to 2 million barrels per day.
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