The Federal government has maintained its earlier commitment to sell some of its identified but ‘yet-to-be-named’ assets as well as ensure the revamp of local crude oil refineries as part of twelve priority strategies which it is now adopting to quickly take the country out of biting recession.

Also, the government said it plans to restore crude oil production to 2.2million barrels per day and raise it to 2.5million by 2020 as part of its Economic Recovery and Growth Plan (ERGP).

Speaking at the Second Quarterly Presidential Business Forum in Abuja, a platform to engage and interact with the private sector to update on government’s policies, programmes and activities, presided over by Acting President Yemi Osinbajo, the minister of budget and national planning Udoma Udo Udoma said that there are a total of fifty-nine strategies but twelve had been prioritised based on their importance to the success of the recovery plan.



Other strategies include; acceleration of non-oil revenue generation, drastically cutting costs, aligning monetary, trade and fiscal policies and expand Infrastructure especially power, roads and rail, improve ease of doing business, expand government’s social investment programmes.

Others are ; deliver on agricultural transformation, acceleration and implementation of the National Industrial Revolution Plan using special economic zones as well as focusing on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills.

The Economic Recovery Plan which the government said will be unveiled next month, is a plan of the Muhammadu Buhari led the government to get the country out of recession. Already the government said it is ensuring that 30 percent of the 2017 budget is committed to capital expenditure.

The Federal Government has assured of the political will to drive The Economic Recovery and Growth Plan (ERGP) that would pull the economy out of recession and set it on the path to sustainable growth and development.

According to Udoma the recovery plan which is different from previous ones developed and not effectively implemented will be driven by strong political will, close partnership and strong collaboration between public and private sectors, especially in the areas of Agriculture, manufacturing, solid minerals, services and infrastructure.

He explained that the ERGP is built on the existing 2016 Strategic Implementation Plan ( SIP), and contains strategic objectives and enablers guaranteed to resuscitate the economy.

The Vice President in his remarks ensured that the parley will continue adding that of that the central point of the plan is the private sector led recovery growth and plan.

“The main plan of our economic plan is the sustenance of the robust private sector partnership. Indeed, it is our strong believe that sustainable economic growth is only possible if it is private sector led and a great attention has been paid as you will possibly find in Sustaining private sector leadership especially in the plan of economic recovery and growth plan 2017 which is to be launched next month.

“The pivot of that plan is the private sector led recovery growth and plan.“So, this Forum is an important one for engendering the continuous engagement that this partnership will entail”.

Source: Leadership News

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One day/2ce one day e go better.

more like President Yemi Osibanjo

I don't have much faith in their words because world Bank, IMF and African development bank all holding back loans to them because they lack plan. If the actually have legislation in pipeline as well maybe.


Incase people don't feel link reading this lengthy piece. List below along with interesting quotes. :

1. sell some of its identified but ‘yet-to-be-named’ assets

2. revamp of local crude oil refineries

3. restore crude oil production to 2.2million barrels per day and raise it to 2.5million by 2020

4. acceleration of non-oil revenue generation

5. drastically cutting costs

6. aligning monetary, trade and fiscal policies

7. expand Infrastructure especially power, roads and rail,

8. improve ease of doing business

9. expand government’s social investment programmes.

10. deliver on agricultural transformation,

11. acceleration and implementation of the National Industrial Revolution Plan using special economic zones

12. focusing on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills.

the minister of budget and national planning Udoma Udo Udoma said that there are a total of fifty-nine strategies but twelve had been prioritised based on their importance to the success of the recovery plan.

According to Udoma the recovery plan which is different from previous ones developed and not effectively implemented will be driven by strong political will, close partnership and strong collaboration between public and private sectors, especially in the areas of Agriculture, manufacturing, solid minerals, services and infrastructure.

The Vice President in his remarks ensured that the parley will continue adding that of that the central point of the plan is the private sector led recovery growth and plan.

Same rhetorical rubbish all the time.

You mean if you expand power and rail, Nigeria will be out of recession? When are you going to expand power and rail?
How long do you think you have there?

Do you really know the meaning of recession and how long its supposed to last?
You animals stole power by all means, plunged the nation into recession in 4 months, and returned with a list on a white paper on how to get us out of recession.

Cant wait to be free

Still on assumption gear...only God knows she is going to engage the list..

These people are only mouth-watering on what could be the supposed solution to our economic woes without any clear-cut remediation in the offing. They are utterly confused nonetheless they won't admit they are failure. APC government is a big mistake to Nigerian democracy. It's only God that can save Nigeria.

Fix the power sector and watch how fast the economic jigsaw puzzle of nigeria will be solved...

naijaGhandi:
Fix the power sector and watch how fast the economic jigsaw puzzle of nigeria will be solved...

This is the only plan. Every other thing is meaningless rubbish. Please if you come across someone talking about plan, monetary policy, giscal policy, interest rate, inflation. Tell him to shut up. The problem is power.

ZUBY77:
Same rhetorical rubbish all the time.

You mean if you expand power and rail, Nigeria will be out of recession? When are you going to expand power and rail?
How long do you think you have there?

Do you really know the meaning of recession and how long its supposed to last?
You animals stole power by all means, plunged the nation into recession in 4 months, and returned with a list on a white paper on how to get us out of recession.

The way to get out of recession is to spend your way out of it. Expanding power and rail is choosing what to spend the required money on. So good plan.
However, if the money spent is taken out of Nigeria as I foresee, then the government is deceiving herself. Also, another source of concern is where will the govt get the money to spend? We need the money to o come from outside for this to work, however I don't see any International financial body borrowing us unless we really float the Nails.

1. sell some of its identified but ‘yet-to-be-named’ assets:

please get out of business of doing business

2. revamp of local crude oil refineries:

hopefully you sell them after wards.

3. restore crude oil production to 2.2million barrels per day and raise it to 2.5million by 2020:

while there's glut?

4. acceleration of non-oil revenue generation:

follow through on point 8 in mining industry.

5. drastically cutting costs:

start with bloated compensations and wasteful spending and white elephant projects

6. aligning monetary, trade and fiscal policies:

why aren't they?

7. expand Infrastructure especially power, roads and rail,:

don't start white elephant in rail, improving roads and taking away ilegal bribe points. The power situation will lead way to industrilization.

8. improve ease of doing business:

literally the best thing they could do. Nigeria rank is terrible

9. expand government’s social investment programmes. :

Pretty vague

10. deliver on agricultural transformation, :

meaning what subsidizes for inputs like fertilizer, low interest loans for equipment, encouraging co-ops, farm to market roads, storage facilities etc.

11. acceleration and implementation of the National Industrial Revolution Plan using special economic zones:

Anyone know the plan? Maybe they should focus on free trade zones nigeria and intra african trade.

12. focusing on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills. :

Education and skills training.