Buhari launches Economic Recovery Growth Plan, ERGP next month –VP Osinbajo

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Buhari launches Economic Recovery Growth Plan, ERGP next month –VP Osinbajo

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President Muhammadu Buhari is launching an Economic Recovery Growth Plan, ERGP, for Nigeria, next month.
President Muhammadu Buhari

President Muhammadu Buhari

Vice President, Professor Yemi Osinbajo said that “the newly developed ERGP has been specifically designed to take the country out of recession and in the long term continue to grow the economy.’’He spoke in Davos, Switzerland, while meeting a Business Interaction Group made up of international and local investors and business interests.Professor Osinbajo said that the planning of the 2017 budget was also based on the ERGP.Social investment programme Professor Osinbajo spoke about President Buhari’s government signature on Social Investment Programme.“Empowerment of Nigerians is at the heart of the programme, even though it has a social welfare component to help the people survive as they are being empowered,’’ the Vice president stated.Building Africa He also addressed a panel of Building Africa. He was joined in the discussion by the Rwandan President, Paul Kagame.The discussion was televised live by the CNBC Africa.Asked to mention what kind of radical ideas could advance the African continent, Professor Osinbajo gave the example of the Nigerian Government’s Social Investment Programme where for the first time, half a Trillion Naira was budgeted for it.“It is about investment in people, in their skills, in youths, that we had a N500B allocation in our budget last year and proposed for this year also.“It is an investment in education and educating large numbers of people in a short time, it’s a radical thing to make that kind of serious investment in education”¦There is also planned N100,000 supporting grants to students of higher institutions in Science, Technology, Engineering & Maths, STEM,’’ the Vice president explained.According to him, President Buhari’s government is “committed to investing more in infrastructure than in previous times by ensuring that 30% of the budget goes into capital expenditure.’’“The government is working on how to tap into huge Pension Fund to finance infrastructure. To do this, we have to first de-risk such financing models for infrastructure,’’ he stressed.Private sector engagement An active engagement with the private sector, he said, “is also of a great deal, referring to the example of the 650,000bpd refinery project of the Dangote Group, which is going to be the largest single-line refinery in the world.“It is not difficult to get out of where we are if we understand why we are where we are. President Buhari’s government is very confident about the recovery of Nigeria’s economy, which remains indisputably the biggest in Africa,’’ Prosessor Osinbajo told his audience.Source: Gov. Agency

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