FG targets 7% GDP growth rate, outlines economic recovery plan

The federal government has outlined plans to get Nigeria out of recession and on a path of sustainable growth in the shortest possible time.

Minister of Budget and National Planning, Udo Udoma disclosed this on Monday at the government – private sector engagement forum on the Nigeria economic recovery and growth plan at the Presidential Villa.

According to him, the plan is designed to be national in nature and the government has received inputs from all segments of society and from the subnational governments and the time frame for the plan is 2017-2020.

He explained that some of the 34 key actions selected for immediate implementation are already yielding results especially the reforms in agriculture and solid minerals

He said the government will focus on tackling constraints to growth noting that the Nigerian growth faces various supply constraints including fuel, power, foreign exchange and even business unfriendly regulation and this plan focuses on overcoming and resolving these input challenges.

The minister also pointed out that the government will leverage the power of the private sector as economic recovery and transformative growth cannot be achieved by the government alone.

“Promote national cohesion and social inclusion. The ultimate beneficiary of more inclusive growth is the average Nigerian man and woman.”

“Allow markets to function. We recognise the power of markets to drive optimal behaviour among market participants. The plan prioritise the use of the market as a means of resources allocation where possible and support a more business friendly economic environment.

“Uphold core values. The economic recovery and growth plan is rooted in the core values that define Nigerian society and are enshrined in the 1999 Constitution, notably discipline, integrity, dignity of Labour, social justice, religious tolerance, self-reliance and patriotism” Udoma said.

He added that the plan which is a medium term plan is expected to drive Nigeria to a minimum GDP growth rate of 7 per cent within the plan period.

According to him, the goal is to have an economy with low inflation, stable exchange rates and a diversified and inclusive growth.

He listed the immediate execution priorities of the recovery plan as; agriculture and food security, energy (power and petroleum), small business and industrialisation and stabilising macroeconomic environment.

“There will be a major emphasis on implementation, monitoring and evaluation of this plan and plan to set up a specially staffed delivery unit to drive implementation of the NERG plan” he added.