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President Muhammadu Buhari will, today, launch the Economic Recovery and Growth Plan (ERGP) 2017-2020.
The Federal Government had, last month, released its economic growth and recovery programme, with which it plans to bring the economy out of recession after postponing its release several times.
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 seven percent 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.
A statement by Buhari’s Special Adviser on Media and Publicity, Femi Adesina, said the launch is in furtherance of the administration’s drive to sustain and build on the successes recorded in tackling corruption, improving security and re-revamping the economy.
The ceremony will take place inside the Council Chambers of the Presidential Villa in Abuja, before commencement of the Federal Executive Council (FEC) meeting. “The Medium-Term ERGP, which had earlier been approved by the FEC, has amongst its broad strategic objectives, restoring sustainable, accelerated inclusive growth and development; investing in the people and building a globally competitive economy,” Adesina said.
