Buhari: We’ll pursue economic recovery plans with vigour

.Says,’7 percent growth rate achievable’

. Urges Governors to draw inspiration and ‘strategic direction’ from ERGP

The new economic recovery plans of President Muhammadu Buhari took off on Wednesday with assurances from the President that his administration will pursue the Nigeria’s Economic Recovery and Growth Plans (ERGP) with vigour.

The President, who opined that there is no alternative to good economic blueprint that will aid quick turnaround of the ailing Nigerian economy, said proper implementation of the ERGP will bring a solution to the country’s economic challenges.

The President, while assuring that he will fulfill his campaign promises made to Nigerians, said the economic recovery war will be prosecuted with the same zeal his administration has deployed to tackling the war against corruption and insecurity in the country.

The economic recovery and growth plan which is the brainchild of the Budget and National Planning Ministry, is aimed at bringing together all sectoral plans including those of agriculture and food security, energy transport infrastructure, industrialisation and social involvements together in a single document.

The ERGP also involves strategic implementation plan that targets 7percent growth rate by the year 2020 setting out an ambitious roadmap to return the economy to growth, within the shortest possible time.

According to the President, the aim of government is simply to optimize local content and empower local investors and not just to get the country out of recession.

The President said his administration has taken cognizance of the difficult situation Nigeria was in and the need to bring positive and enduring change, adding that “we remain committed to our electoral promise to change our way of doing things and change Nigeria for good.”

“We are committed to delivering on the three key areas that we promised, that is improving security, tackling corruption and revitalizing the economy. Security in the northeast and other parts of Nigeria is significantly better today than when we came in.

“I want to assure all Nigerians that we’re 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. We seek not to just take the Nigerian economy out of recession but to place it on a path to sustainable, inclusive and diversified growth.

“We are determined to change Nigeria from an import dependent country to a producing nation. We must become a nation where we grow what we eat, and we consume what we produce. We must strive to have a strong Naira and productive economy,” he said.

The President also charged State Governors to draw inspiration and “strategic direction from the Plan to articulate their economic programmes, particularly in the development of the real sector.”

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 7 per cent 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 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.

In his goodwill message at the event which had the Senate President, Bukola Saraki, Speaker of the House of Representatives, Yakubu Dogara, Chairman of the All Progressives Congress, John Oyegun and other dignitaries in attendance, Chairman of the Governor’s Forum, Zamfara State Governor, Abdulazziz Yari, pledged that the governors of the 36 states “will take ownership and ensure the implementation of the plan at the sub-national level.”

The Minister of Budget and National Planning, Udoma Udoma, who supervised the birthing of the plan, in his remarks, said the broad objectives of the plan is to restore growth, invest in the people and build a globally competitive economy.

Noting that the ERGP is a fulfillment of the president’s promise to reinvigorate the economy, he explained that the document is the compilation of all the government’s plans in one place.

He said the plan articulates up to 60 interventions and initiatives that must be executed or completed within the next four years, to tackle and remove impediments to growth; to make markets function better, and to leverage the power of the private sector.

However, the growth pursued must be achieved without compromising the core values of the country such as discipline, integrity, social justice, self-reliance, and patriotism.

All the initiatives of the plan will be implemented in such a manner as to continue to strengthen and promote national cohesion and social inclusion.

Stating that the president has approved the creation of a special delivery unit in the presidency to monitor the implementation of the plan and remove all bottlenecks, Udoma said, “this is one plan that will be implemented with vigour, focus and success.”

In their respective goodwill messages, Saraki and Dogara pledged the unalloyed support to follow through with the plan and ensure that it is implemented.