FG sees growth recovery plan spiking GDP growth rate by 7%

Federal Government has ‎expressed optimism that its growth recovery plan has the capacity of spurring Gross Domestic Product (GDP) growth to the tune of 7 percent.

Udoma Udo Udoma, minister of national planning, made the disclosure during consultations with key stakeholders in the private sector in preparation to the government’s economic recovery plan, which he said was expected to stabilise 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 slid 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 quoted 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 acting President, while acknowledging that there was suffering in the land occasioned by the current economic downturn, 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, “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 said major emphasis would be on implementation, monitoring and evaluation of the plan as government planned to set up a specially staffed delivery unit to drive implementation.

‎The key to success lies in the seriousness of the execution aspect of the process, the minister said, stating that the immediate 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 and 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 consultations 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.