President Muhammadu Buhari will on Wednesday officially launch the Economic Recovery and Growth Plan (ERGP) 2017-2020.
The ministry of budget and national planning had in March released the plan making it available on their website. The ministry had said the President will do a formal launch on his return from vacation in London.
A statement by Presidential Spokesman, Femi Adesina on Tuesday said “in furtherance of the current Administration’s drive to sustain and build on the successes so far recorded in tackling corruption, improving security and re-revamping the economy, President Muhammadu Buhari, will Wednesday, April 5, 2017, formally launch the Economic Recovery and Growth Plan (ERGP) 2017-2020”.
The ceremony for the formal launch is scheduled to take place in the Council Chambers of the Presidential Villa, Abuja, at 11 am.
The Medium-Term ERGP, which had earlier been approved by the Federal Executive Council (FEC), has amongst its broad strategic objectives, restoring sustainable, accelerated inclusive growth and development; investing in the people; and building a globally competitive economy.
The growth plan which targets to restore the economy through sustained growth between 2017 to 2020, seeks to grossly reduce inflation rate from an all-time high of 19 percent to a single digit. It also targets to restore growth by ensuring the Gross Domestic Product (GDP) improves significantly to 2.19 percent in 2017, and 7 per cent at the end of 2020 especially through agriculture.
The new plan also aims to boost the power situation in Nigeria with 10 GW of operational capacity by 2020 as well improve the energy mix, including through greater use of renewable energy. It also projects that the country will become a net exporter of refined petroleum products by 2020, amongst other things.
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