Government reveals strategy to end economic recession

The Nigerian  government on Monday announced that it has mapped out strategies to end the current economic recession.

Government

Government

Minister of Budget and National Planning, Senator Udoma Udoma, made the disclosure at at the Second Presidential Business Forum presided over by Acting President Yemi Osinbajo the minister  said the medium term Economic Recovery and Growth Plan (ERGP 2017-2020) was being finalized to address current economic challenges, restore growth, and reposition the economy for sustained inclusive growth.

Udoma said though 59 strategies had been developed for implementation to achieve the strategic objectives of the ERGP, 12 of them had been prioritized based on their importation to the success of the Economic Recovery and Growth Plan.

He listed the 12 plans as “restoring production to 2.2mbpd and reach 2.5mbpd by 2020, privatising selected assets, accelerating non-oil revenue generation, drastically cutting costs”.

The list also included aligning monetary, trade and fiscal policies, expanding infrastructure especially power, roads and railways well as revamping the four existing refineries.

Other strategies are improving ease of doing business, expanding social investment programmes, delivering on agricultural transformation, accelerating implementation of National Industrial Revolution Plan using special economic zones.

The minister added that government was also focusing on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills.

The minister said the ERGP is different from the previous plans and visions that have been developed and not effectively implemented.

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