ERGP has enhanced positive GDP growth – Osinbajo

Nigerian Vice President, Prof. Yemi Osinbajo, on Thursday, said that the economic blueprint of President Muhammadu Buhari, has restored stability in the foreign exchange market, while inflation rate has witnessed a decline for the 18th consecutive month since December 2016.

He equally noted that the Economic Recovery Growth Plan (ERGP), within almost two years of its implementation, has made the country to experience massive investment inflows and positive Gross Domestic Product (GDP) growth.

Prof Osinbajo made this assertion in Abeokuta, in his keynote address at the 17th Joint Planning Board (JPB) and National Council on Development Planning (NCDP), organised by the Federal Ministry of Budget and National Planning in conjunction with the Ogun State government.

The event, which had in attendance, permanent secretaries, both at the federal ministry, states as well as state commissioners in the ministry, was themed, “Accelerating the Implementation of the Economic Recovery and Growth Plan: The Role of Stakeholders”.

Represented by the Minister of Budget and National Planning, Udoma Udo Udoma, Osinbajo, remarked that several reforms had been introduced by the present administration to improve the business climate, which according to him, has pushed up the country’s global ranking from 169 to 145.

He further opined that for accelerated implementation of the ERGP and delivery of 7% GDP growth by 2020, the country would need massive amounts of private investment, noting that the establishment of ERGP Focus Labs, has yielded positive outcomes.

Osinbajo, however, disclosed that that ERGP has helped Nigeria to record successes in agricultural sector, drive local manufacturing and exports, while close attention was being paid to the mining sector by reinforcing the Mining Regulatory Agency as well as setting up a National Gold Purchase Scheme.

“We believe these efforts will boost investors’ confidence in our economy and increase available resources required to implement priority projects and programmes that will stimulate growth and impact positively on lives of the citizenry”. The VP submitted.

In his own remarks, Minister of Budget and National Planning, Senator Udoma, noted that the programme was designed to create a platform where permanent secretaries, commissioners for budget and planning and relevant stakeholders can rub minds with top economic experts.

He added that President Buhari’s determination to fix the economy, enhance security and fight corruption, led to the birth of ERGP, which according to him, has been acknowledged as a good plan by both international communities and development partners.

Also speaking, Ogun State governor, Senator Ibikunle Amosun, noted that Nigerian economy has been put back on the path of growth and commended the Buhari-led administration for its timely restructuring of the economy, via ERGP launched in 2017.