Nigeria in the last few years is experiencing high rate of inflation and recession rocking the economy, in order to resolve this, President Muhammadu Buhari launched the Nigeria Economic Recovery and Growth Plan (ERGP) which seeks to restore the nation’s economic status.
Recently, he launched the plan before the commencement of the meeting of the Federal Executive Council (FEC) inside the Council Chamber, Aso Rock, Abuja. The president said the ERGP focuses on agriculture with a view to ensuring adequate food security as well as energy, industrialization and social investment. He said the ERGP is an ambitious plan that seeks to achieve a 7 per cent economic growth by the year 2020.
All cabinet members were present at the launching as well as top government functionaries including the national chairman of the governing All Progressives Congress, APC, John Odigie-Oyegun; Senate President Bukola Saraki; Speaker of the House of Representatives, Yakubu Dogara; and chairman of the Nigeria Governors Forum, NGF, and Governor of Zamfara State, Abdulaziz Yari.
Buhari explained that the aim is not just to take the country out of recession, but to put it on the path of strength and growth, away from being an import dependent nation. He also said the ERGP clearly sets out what his government is committed to doing by creating an environment for businesses to thrive.
“Security in the North East and other parts of Nigeria today is better than when we came in. Law enforcement agencies are prosecuting many cases of corruption and I assure all Nigerians that we are approaching our economic challenges in the same manner we are fighting insecurity and corruption.
The broad objectives of the ERGP are to restore growth, invest in our people and build a globally competitive economy, we must produce what we need,” he said.
President Buhari urged the state governors to draw inspiration from the plan and articulate their own plans that will lead them to real growth. President Muhammadu Buhari who unveiled the document to the council chambers at the Presidential Villa, said the plan sets out an ambitious roadmap to achieve a 7% growth rate by 2020. He added that the document brings together all sectoral plans for agriculture and food security, energy and transport infrastructure, industrialisation and social investments.
He further said:
“I want to assure all Nigerians that we are approaching the solution to our economic challenges with the same will and commitment we have demonstrated in the fight against corruption, and in the fight against terrorism and militancy.”
He called to the state governments to draw inspiration and strategic direction from the plan to articulate their economic own programmes, particularly in the development of the real sector. The President’s Spokesman, Femi Adesina in a statement said that the launch is “in furtherance of the current administration’s drive to sustain and build on the successes so far recorded in tackling corruption, improving security and revamping the economy.
It has been strategically confirmed that ERGP will go a long way in curbing the high inflation rate and recession if all the governors put all hands on deck to achieve this goal. The successful execution of this plan will eventually boost the country’s economy.
