FG Targets 7% Growth Places Priority on Use of Local Goods in New Economic Roadmap

President Muhammadu Buhari on Wednes­day launched Nige­ria’s Economic Recov­ery and Growth Plan (ERGP: 2017-2020).
The plan, expected to take Nigeria out of the crippling re­cession, targets a 7% econom­ic growth rate by the year 2020.

Buhari presented the eco­nomic blueprint at the Coun­cil Chamber of the Aso Rock Villa at a ceremony attended by Vice President Yemi Osin­bajo, the Senate President, Bu­kola Saraki, the Speaker of the House of Representatives, Hon. Yakubu Dogara, the Chairman of the Nigeria Governors Fo­rum (NGF) and Zamfara State Governor, Abdulaziz Yari, and members of the Federal Exec­utive Council (FEC).

In his remarks, Buhari said that the plan comprised the third key plank of his campaign promises, besides the fight against corruption and insecu­rity, over which he declared sig­nificant achievements that are “clear for all to see”.
The President assured 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.”
“The Economic Recovery and Growth Plan brings all our sectoral plans for agriculture and food security, energy and trans­port infrastructure, industriali­sation and social investments to­gether in a single document.
“It builds on the Strategic Implementation Plan and sets out an ambitious roadmap to return the economy to growth and to achieve a 7% growth rate by 2020”.
Buhari said that apart from optimising local content and empowering local businesses, “we seek not just to take the Ni­gerian economy out of reces­sion, but to place it on a path of sustained, inclusive and diversi­fied growth.”

“We must become a nation where we grow what we eat and consume what we produce. We must strive to have a strong Na­ira and a productive economy,” Buhari added.
He appealed to state govern­ments to draw inspiration and strategic direction from the plan to articulate their economic pro­grammes, particularly in the de­velopment of the real sector.
He noted that the plan was developed in consultation with key stakeholders, including the National Assembly, state gov­ernments, the business commu­nity, labour unions, academia, civil society groups and devel­opment partners.
Saraki and Dogara pledged the support of the National As­sembly for the success of the plan while expression the con­fidence that Buhari had the will to pull through its implemen­tation in a county that had be­come the burial ground of sim­ilar bright ideas in the past.
On his part, Governor Yari announced on behalf of the Nigeria Governors’ Forum (NGF) that the 36 State gover­nors would take ownership of the plan and ensure its effec­tive execution at the subnation­al level, as this is the surest way to achieving sustained inclusive growth.
The Minister of Budget and National Planning, Udoma Udo Udoma, whose ministry is driv­ing the plan, gave the assurance that “under the leadership of President Muhammadu Buha­ri, this plan will be effectively implemented.”