The Acting President Professor Yemi Osinbajo-led Federal Government has released the economic recovery and growth plan (ERGP) to salvage the country’s dwindling economy. The growth plan was released Tuesday.
According to the recovery plan, focus would be put on key areas such as Science, Technology and Innovation to build a knowledge-based economy.
Other areas are the Sustainable Development Goals (SDGs) given that the initiatives address its three dimensions of economic, social and environmental sustainability issues.
Our Economic Recovery and Growth Plan (ERGP) has been released. Available on websites of Ministry of Budget & Nat Planning, & Budget Office
— Govt of Nigeria (@AsoRock) 7 March 2017
The document reads thus:
“The ERGP differs from previous plans in several ways. First, focused implementation is at the core of the delivery strategy of the plan over the next four years,”
“More than ever before, there is a strong political determination, commitment and will at the highest level. Whilst all the MDAs will have their different roles in implementing the plan, a delivery unit is being established in the presidency to drive the implementation of key ERGP priorities.
“The ministry of budget and national planning will coordinate plan-implementation and for this purpose will, amongst other things, build up its capability for robust monitoring and evaluation.”
“The current administration recognizes that the economy is likely to remain on a path of steady and steep decline if nothing is done to change the trajectory. It is in this context that since inception in May 2015, Government has made several efforts aimed at tackling these challenges and changing the national economic trajectory in a fundamental way.
“The earliest action was the prioritization of three policy goals: tackling corruption, improving security and re-building the economy. Consequently, the Strategic Implementation Plan (SIP) for the 2016 Budget of Change was developed as a short-term intervention for this purpose.
“Visible successes and achievements have been recorded. However, it is recognized that more needs to be done to propel the country towards sustainable accelerated development. The Economic Recovery and Growth Plan (ERGP), a Medium Term Plan for 2017 – 2020, builds on the SIP and has been developed for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the Nigerian people – the nation’s most priceless assets.
“It is also articulated with the understanding that the role of government in the 21st century must evolve from that of being an omnibus provider of citizens’ needs into a force for eliminating the bottlenecks that impede innovation and marketbased solutions.
The Plan also recognises the need to leverage Science, Technology and Innovation (STI) and build a knowledge-based economy.
“The ERGP is also consistent with the aspirations of the Sustainable Development Goals (SDGs) given that the initiatives address its three dimensions of economic, social and environmental sustainability issues.”