Buhari’s economic growth recovery plan: Will it work this time?

The inauguration last Wednesday, by President Muhammadu Buhari of his government’s new vision- Economic Growth Recovery Plan- to starve off the ongoing recession and indeed rejig the economy, has, expectedly, been receiving kudos and knocks by Nigerians, in this report by Femi Ganiyu

Desperate to take Nigeria out of the current economic crisis facing it, President Muhammadu Buhari, has, last Wednesday, April 5th, 2017, inaugurated in Abuja, Federal Capital, an economic vision, in line with the Change Mantra of his All Progressives Congress, APC-led administration.
Tagged: ‘Economic Recovery and Growth Plan’, ERGP, the President has said that the new economic vision was a pedestal that would galvanise growth and development of the national economy and take it out of self-inflicted wounds over the years.
A brainchild of the Ministry of Budget and Planning, under Senator Udoma Udoma, the Minister’s watch the new development has much to cheer, going by the assemblage of members of the Federal Executive Council, National Assembly and 36 state governors, who graced the occasion, and, especially the firm resolve of these people, who decide Nigerians’ fate to make it work.
Indeed, part of the highlights of the government’s growth initiative, included, a strong desire to generate 7 per cent growth rate by 2020; optimization of local content through empowering local investors to push the economy through value addition; reduction of inflation by 19 per cent to a single digit, boost power sector that has remained an embarrassment to the nation; as well as reverse Nigeria’s import dependency and rather make it a net exporter of agricultural and petroleum products among other objectives.
According to Buhari, who is still recuperating from his week-long medical trip to the United Kingdom, government was desirous of improving the highly decimated Gross Domestic Product, GDP, between now and 2020, so as to jumpstart employment; reduce poverty and other economic deficits across the country.
Buhari has said on that historic occasion;” We are committed to delivering on three key areas: – that is, improving security, tackling corruption and revitalizing the economy.”
He adds that, “I want to assure all Nigerians that we are approaching the solution to our economic challenges with the same will and commitment we have demonstrated in the fight against corruption and in the fight against terrorism and militancy.”
According to him,” We are determined to change Nigeria from an import dependent to a producing nation.”
For the Minister of National Planning, Senator Udoma, whose ministry is midwifing the programme, the policy seeks to restore growth, invest in the people and build a globally competitive economy.
Udoma added that the EGRP would reinvigorate the economy in the next four years, pointing out that the Presidency has put in place mechanism to ensure it succeeds.
Indeed, against the backdrop of decay in all the economic sectors, such as education, health, roads, power, records of crippling fuel crisis, banking challenges, poor environment, among others, close watchers of events, including academicians have expressed divergent view on the programme. While some have described it as encouraging, others have given the government some hard knocks saying that it is not yet Uhuru for the economy, despite the move by the government to reverse the ugly trend,
According to Chief Livinus Okwara, a Lagos- based businessman, the recovery plan was capable of revitalizing the nation’s ailing economy.
Okwara, who is also a computer expert, apart from the growth recovery path that the government of toeing, there are other intervention programme, such as N5000 stipends for the vulnerable people, N2 billion agricultural programmes being powered by the Central Bank of Nigeria, CBN, to be delivered to states for the youth and existing farmers to engage in agriculture.
He said that by enunciating the programme to end our dependency on importation, particularly fuel and other essential goods, the government would surely succeed and give Nigerians something to cheer in the long run.
Also, a finance expert, Mr. Olutoyi Adeleke said that every effort by the government to rebuild the ailing economy was welcome.
He said that government policy has always been to promote the welfare of the people, adding that the new economic recovery programme was not different.
Adeleke, however canvassed for proper implementation of the programme by the government and the relevant agencies to enhance its sustainability.
But, a university don, Professor Timothy Asobele, advised the Federal Government to revive Ajaokuta Steel Complex, make it functional as a panacea to reviving the economy.
Asobele, who is the Head, Department of European Languages, University of Lagos, Akoka, Yaba, Lagos, regretted that the capitalist world was deliberately halting Ajaokuta’s development.
He said President Buhari must brace up to the challenge of resuscitating the steel complex and others in the country for us to achieve greater technological development.
Professor also hinged all other development variables on the sector, arguing that it was significant that our technological advancement is pursued by the government.
According to him, the “Western World would not want Nigeria to develop technologically, and that is why they are sabotaging the steel complex from growing in the country.”