• Establishes monitoring unit
From Juliana Taiwo-Obalonye, Abuja
President Muhammadu Buhari said the ultimate goal of his administration was to achieve an economic growth rate of 7 per cent by 2020.
He said his administration would use the same vigour and commitment it deployed in the fight against corruption, terrorism and militancy to finding solution to the economic challenges facing the country.
The President made this known at the formal launch of the Nigeria Economic Recovery and Growth Plan (ERGP) 2017-2020 at the Council Chambers in the Presidential Villa, Abuja.
He also said his administration was determined to return Nigeria from a consumer nation to a producing nation.
“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. I will apply same vigour against corruption to revamp economy,” he said.
Buhari who was joined at the launch by the Vice President Yemi Osinbajo, National Chairman of the All Progressive Congress (APC), John Odigie-Oyegun, Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara and the Zamfara State Governor who is also the Chairman of Nigeria Governors Forum (NGF), Abdulazeez Yari, said the successful implementation of the document would depend on the cooperation of the governors.
“The Economic Recovery and Growth Plan brings together 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 per cent growth rate by 2020.
“Our aim simply put, is to optimise local content and empower 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 are determined to change Nigeria from an import dependent country to a producing nation. 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 productive economy.”
He called on all Nigerians to work with the government to ensure it achieved those objectives.
According to him, the contents of the plan are already familiar to a broad cross-section of Nigerians because it was developed in consultation with a wide group of stakeholders, including the National Assembly, state governments, the business community, labour unions, academia, civil society groups and development partners.
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 as 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.
Meanwhile, the President has approved the creation of a Special Delivery Unit in the Presidency to monitor its implementation and remove all bottlenecks to ERGP implantation.
He reminded Nigerians that his administration inherited numerous challenges, noting that his party’s campaign in the run-up to the 2015 elections was based on a recognition of the difficult situation Nigeria was in and the need to bring positive and enduring change.
While noting that his administration has remained committed to his party’s electoral promise to change the way of doing things and to change Nigeria for good, Buhari added his administration remained committed to delivering on the three key areas that it promised, which is to improve security, tackle corruption and revitalise the economy.
“Security in the North East and other parts of Nigeria is significantly better today than when we came in. With regards to our fight against corruption, as you all know, our law enforcement agencies are prosecuting very many cases of corruption. Our successes in these two areas are clear for all to see.
Minister of National Planning, Udo Udoma, in his opening address said while Plan was being formally launched, its implementation had taken off long ago.
“This is because the Plan puts together in one place, for easy access, all the sectoral plans that the government has been working on, from inception, including the Strategic Implementation Plan for the 2016 budget proposals which were submitted to the a National Assembly in December last year.”
He said the aim was to create a culture where Nigeria continuously seek ways to add value to the resources the nation is blessed with.
“In short, our aim is to change Nigeria, and change for good. To achieve this, the Plan articulates up to 60 interventions and initiatives, that must be executed and/or completed within the next four years to tackle and to remove impediments to growth; to make markets function better and to leverage the power of the private sector. However, this growth is to be archieved without compromising the core values of this nation, such as discipline, integrity, social justice, self-reliance and patriotism. And, of course, all the initiatives in the Plan will be implemented in such a manner as to continue to strengthen and promote national cohesion and social inclusion.
Saraki congratulated the executive and the economic team for a job well done. “We are part of it. We are also working closely with the ease of doing business committee. It is a great document and we will ensure its implementation.”
Dogara also pledged the support of the House of Representatives to follow through with the Plan and ensure that it is implemented.