FG Sees it’s Growth Recovery Plan spiking GDP growth rate by 7%

Federal Government has ‎expressed optimism that it’s growth and Recovery plan has the capacity of spurring Gross Domestic Product, (GDP)growth to the tune of 7 %.

Udoma Udo Udoma,the Minister of National Planing made the disclosure during consultations with key stakeholders in the Private sector in preparation to the government’s economic recovery plan,which he said is expected to stabilise the the already recessed economy.

“Our goal is to have an economy with low inflation,stable exchange rates and a diversified and inclusive growth”Udoma said in a statement.

Nigeria officially slided into recession in 2016,and the Federal government has commenced consultations with key stakeholders in its Economic Recovery and Growth Plan(NERGP),currently being put together.

Meanwhile,the statement issued  from the Ministry of National Planning qouted the Acting President Yemi Osin‎bajo stating that,”The Government is determined to put back the Nigerian economy on a sound footing through diligent implementation of the recovery and growth Plan”

The Vice President while acknowledging that there suffering in the land occasioned by the current economic down turn,pointed out that the years of deterioration and corruption cannot be remedied overnight.

Osinbajo stated further that, “It is the responsibility and duty of government to ensure that the economy is put back on a sound footing and the slide in economic fortunes arrested for the benefit of the people and country”

Speaking further on short term measures,the Vice President said in the statement that,”The Federal Government has intervened in several ways to mitigate the sufferings of the people,including giving bail outs to state government’s to enable them pay salaries of workers”

While assuring on government’s determination to diligently implement the plan,Udoma Udo Udoma said major emphasis will be on implementation,monitoring and evaluation of the Plan as government plans to set up a specially staffed delivery Unit to drive implementation

‎Udoma emphasised that the key to success lies in the seriousness of the execution aspect of the process,stating that the immediate execution priorities of the ERGP are Agriculture and food security;Energy(Power and Petroleum);Small Businesses and Industrialisation and stabilising the Macroeconomic environment.

The Minister said the forum was in keeping with government’s promise to consult widely and harvest inputs from the relevant sectors and professionals to enrich the plan and make it all inclusive.

“We had a two day retreat at which we invited top economists,academia ans some representatives of both the public and Private sectors .We have held consultations with state commissioners for Economic Planning and Budget and with state governors at the National Economic Council.We have had sessions with international development partners and have also had briefing and consulations with the National Assembly.This meeting with your forms part of the consultations we are holding before finalising the plan”he stated.

‎Meanwhile,the Private sector has hailed inclusion of key stakeholders in the development process of the national economy plan,while also pointing out that diligent implementation ‎was key to achieving the goal.

The specific objective of  forum with private sector operators was to review the context for Nigeria’s ERGP, share the Plan’s structure and discuss potential key initiatives and solicit feedback from them.

The principles of the Plan include:

■      Focus on tackling constraints to growth. Nigerian growth faces various supply constraints including fuel, power, foreign exchange, and even business unfriendly regulation. This Plan focuses on overcoming and resolving these input challenges.

■      Leverage the power of the private sector. Economic recovery and transformative growth cannot be achieved by the government alone. It is essential to harness the entrepreneurial nature of Nigerians, from the MSMEs to the large domestic and multinational corporations.

■      Promote national cohesion and social inclusion. The ultimate beneficiary of more inclusive growth is the average Nigerian man and woman. This Plan ensures social inclusion in its initiatives with the end goal of strengthening national cohesion.

■      Allow markets to function. We recognize the power of markets to drive optimal behaviour among market participants. The Plan prioritizes the use of the market as a means of resource allocation where possible and supports a more business friendly economic environment.

■      Uphold core values. The ERGP is rooted in the core values that define Nigerian society and are enshrined in the 1999 Constitution, notably discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism. It requires all citizens and stakeholders to adhere to these principles in the bid to reposition and grow the economy.