NIGERIA ECONOMIC RECOVERY & GROWTH PLAN 2017-2020 – Overview
On Tuesday, March 7th, 2017, the Federal Government of Nigeria released its Economic Recovery and Growth Plan (ERGP). The plan, which is a medium term plan for 2017 to 2020, builds on the Strategic Implementation Plan (SIP) which was developed for the 2016 budget.
The objectives of the plan are to restore economic growth, build a globally competitive economy and invest in Nigerians by driving social inclusion, job creation, youth empowerment and improved human capital.
In a bid to achieve the objectives of the plan, the Nigerian government prioritized 5 steps which include:
- Stabilizing the macroeconomic environment
- Achieving agriculture and food security
- Ensuring energy sufficiency
- Improving transportation infrastructure and;
- Driving industrialization focusing on SMEs
Across the priority areas, the ERGP laid out 60 strategies that will be utilized to achieve the stated objectives.
According to this plan, the real GDP of the country is projected to grow by 4.62 percent over the planned period from 2017 – 2020. It is expected to grow by 2.19 percent in 2017 and eventually achieve a growth rate of 7 percent by 2020. The government also hopes to drive fiscal stimulus by dedicating at least 30 percent of the federal budget to capital expenditure, while monetary stability will be promoted by curbing inflation, reducing domestic interest rates and improved implementation of a flexible foreign exchange rate regime.
The government plans create over 15 million jobs by 2020 and drive food security by achieving self-sufficiency in tomato (2017), rice (2018) and wheat (2020).
As stated in the plan, Nigeria plans to increase oil production in the country to 2.5mbd by 2020, privatize selected public enterprises and revamp local refineries to reduce importation of petroleum by 60 percent in 2018.
The implementations of the National Industrial Revolution Plan and the Nigeria Integrated Infrastructure Master Plan will play huge roles in achieving the set targets by 2020.
According to the plan, the various MDAs will play key implementation roles and the coordination will be led by the Ministry of Budget and National Planning. In addition, a delivery unit will be established in the Presidency to drive this plan.
To get more details on the Economic Recovery and Growth Plan (ERGP), you can download the full version here