NERGP – Nigerian Government finds 59 ways to Grow Economy By 2020NERGP - Nigerian Government finds 59 Ways to Grow Economy By 2020

NERGP – Nigerian Government finds 59 ways to Grow Economy By 2020

The Federal Government said on Friday said it had found 59 ways as part of the proposed Nigeria Economic Recovery and Growth Plan NERGP to achieve economic recovery and growth by 2020

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NERGP – Nigerian Government finds 59 ways to Grow Economy By 2020

The Federal Government said on Friday said it had found 59 ways as part of the proposed Nigeria Economic Recovery and Growth Plan NERGP to achieve economic recovery and growth by 2020

The comprehensive plan for 2017 – 2020 development process is presently being completed.

The aim of the NERGP is addressing current economic challenges, restoring growth and repositioning the Nigerian economy for sustained inclusive growth.

Vice President, Yemi Osinbajo, is to preside over a forum organised by the Ministry of Budget and National Planning for stakeholders of the private sector to actively partner their public sector counterparts on the proposals.

This is part of efforts to involve crucial sectors and see to the successful development of the plan to be launched by President Buhari later this February.

 

The Main Points of the NERGP

Here are the main points of the NERGP according to the spokesperson to the Minister of National Planning, Akpandem James:

  • The NERGP is a follow-up to the Strategic Implementation Plan, SIP, which was a short term economic plan to drive the implementation of the 2016 Budget.

 

  • In the SIP, government promised it would deliver a more comprehensive economic recovery and growth plan subsequently.

 

  • The NERGP is mainly aimed at getting the economy out of recession, getting people re-employed, transforming Nigeria from a consumer nation to a producing nation, creating an atmosphere for ease of doing business and creating employment, among others.

 

  • Government had already involved and discussed with economic experts, the organised private sector, civil society groups, the academia and state governments on how to formulate the NERGP.

 

  • The engagement was in keeping with its promise to ensure extensive consultation with relevant stakeholders, including state governments prior to the final roll out of the plan.

 

  • Execution of the plan would be driven by government’s strong political will, close partnership and strong collaboration between the public and private sectors, especially in the areas of agriculture, manufacturing, solid minerals, services and infrastructure.

The 12 Most important part of the NERGP

12 of the 59 ways are considered as priority due to their strategic importance to the overall success of the NERGP. These include:

  • Restoring oil production to 2.2 million barrels per day

 

  • A target of 2.5 million barrels per day by 2020

 

  • Privatisation of selected assets

 

  • Increased non-oil revenue generation

 

  • Drastic cost reduction

 

  • Alignment of monetary, trade and fiscal policies, and expansion of infrastructure, especially power, roads and rail.

 

  • Revamping the four existing refineries

 

  • Improving the ease of doing business

 

  • Expanding social investment programmes

 

  • Delivering on agriculture

 

  • Accelerating implementation of National Industrial Revolution Plan using special economic zones

 

  • Focusing on priority sectors to generate jobs, promote exports, boost growth and upgrade skills.

 

Key Initiatives of the NERGP

The key industrial and trade policy initiatives included in the NERGP are:

  • The resuscitation of the export expansion grant to provide export policy orientation for foreign exchange earnings

 

  • Diversification and global competitiveness and strengthening the presidential enabling business environment committee

 

  • PEBEC to facilitate the improvement of the country’s business environment.

 

  • Leveraging ICT to improve global competitiveness of the country establishment of an ICT Ecosystem

 

  • Expansion of broadband coverage

 

  • Establishment of “Innovations and Experience” centres and ICT clusters

 

  • Improved support to micro, small and medium enterprises to maximize their contribution to growth, employment and export earnings as well as promoting the policy of made-in-Nigeria goods
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