₦airaland Forum

More important part you should about Economic Sustainability Plan

I'm sure and believe in this promise, 500,000 N-power was promised and fulfilled,

May his soul rest in peace.

This is interesting initiative. Not only the government will do the work, we all have to join hands together to play our part

This same pointblack who wish to tarnish once image all because of trending news,

They are a lot of problems Nigerians need to look up to but no they ignore them,frame some innocent set off people to cover up some shits

Nigeria should be grateful for having a great leader like Our VP Osinbsjo

The government is doing everything possible to boost the economy, especially with the (ESP). Nigeria will surely prevail

A visionary leader with a lot of integrity, but also the Chief Economic Technocrat of this Administration. #OsinbajoDay

OFFICE OF THE VICE PRESIDENT
PRESS RELEASE

Adds: “Govt cannot do it alone, public-private sector collaboration crucial

As the Federal Government consolidates efforts designed to ward off a deep recession and effect significant changes in the economy, opportunities abound across different sectors in the Economic Sustainability Plan (ESP) for the private sector to lead the charge for Nigeria’s economic growth and development, according to Vice President Yemi Osinbajo, SAN.

Prof. Osinbajo made the call on Friday at the virtual edition of the Presidential Policy Dialogue of the Lagos Chamber of Commerce and Industry (LCCI).

The Vice President said the ESP which is now being implemented by the Buhari administration is driven by the desire “to adapt to the challenges and make required changes in order to come out stronger than before”.

According to him, “I take this opportunity to encourage the private sector to be proactive in leading the charge against recession and poverty in our country. The Federal Government is not under any illusion that it can do this on its own. The opportunities that now exist in the short term in agriculture, infrastructural development, housing construction, in renewable energy, digital technology development, mining, financial inclusion, healthcare and pharmaceutical manufacturing, call for the private sector to take the bull by the horns and make them a reality.

“The priority of the Federal Government in response to the economic challenges caused by COVID-19 is to ward off a deep recession by an admixture of stimulus measures to support local businesses, retain and create jobs and ameliorate the circumstances of the most vulnerable.”

Continuing, the Vice President said though the stimulus package is just about 1.5% of GDP, it is the best the government could do given existing realities in the economy.

He said “government developed the Economic Sustainability Plan with a stimulus package of N2.3trillion to give fillip to the economy across various sectors. The size of this stimulus which is just about 1.5% of national income is not as large as we would have liked it to be but it was the best we could do given existing fiscal and monetary constraints. Based on the assumption of the price of crude averaging out at $30 per barrel throughout the year, we anticipate an economic growth of about -0.59% in 2020.

“You would already be familiar with details of the Economic Sustainability Plan. In essence, it is intended to boost production, prevent business collapse, and provide liquidity. It will also promote the use of labour-intensive methods and direct labour interventions in key areas like agriculture, light manufacturing, housing construction and facility maintenance while increasing infrastructural investment in roads, bridges, solar power, and communications technologies. It is intended to do all this while extending protection to the poor and other vulnerable groups in our society.”

Speaking further on the plan of government to address the disruptions on the economy by the COVID-19 pandemic and the role that the private sector can play, the Vice President said, “these opportunities are the building blocks that will enable our medium-term goals to be achieved and make our long-term goals achievable.”

According to Prof. Osinbajo, “this is a drive we hope to continue into the medium term as we build up the economy over the next few years. We do need foreign direct investment to complement our domestic efforts but it is the success of our own investments that will attract such inflows. Investors are already aware of Nigeria’s huge market and its great potential, but they will only ‘want in’ when government by its own positive interventions and the private sector by its success stories show them what is possible to do here.

“No doubt, the task ahead is challenging. Nevertheless, government is focused on doing its bit so I call on the private sector to play its part and join us in this noble venture. We know that this will be a difficult year but expect that with our combined effort growth will resume to the order of about 3 percent by the end of next year. We can do this working together.”

On the Ease of Doing Business reforms of the Federal Government, the Vice President maintained that the commitment of the Federal Government to providing an enabling environment for business to thrive remains strong.

“In this regard, we have made some strides in improving the ease of doing business in Nigeria. Through the Presidential Enabling Business Environment Council (PEBEC), a lot has been achieved to fast-track processes, reduce bottlenecks and improve transparency across Government MDAs.

“As a result, we have moved 35 places upward in the World Bank’s Ease of Doing Business rankings. We have continued to scale up our business reform initiatives across regulatory agencies.

“Of course, there is still a lot more to be done. Our aim is to continue to improve our national ranking in the World Bank Doing Business Index Ranking to below 100 in the coming years. It is also very important to reduce the harassment and extortion of businesses by various government agencies,” the Vice President added.

In his remarks, the Minister of Industry, Trade and Investment, Otunba Niyi Adebayo, said the current focus of the Federal Government in the manufacturing sector “is on prioritizing local production especially in the importation of machinery that utilize local materials.”

Earlier, the LCCI President, Mrs Toki Mabogunje commended the Federal Government’s “spirited effort” regarding its managing of the Nigerian economy, adding that members of the chamber and private sector players are willing to collaborate with the Buhari administration.


Laolu Akande
Senior Special Assistant to the President on Media & Publicity
Office of the Vice President
7th August 2020

This is the time for we to come together and make a better place for our future

This is a words of encouragement and wisdom, thank you Mr Vice President

Let keep the movement going

This pandemic cause people alot damage I'm very sure solution is on away

Suspending NYSC is make us be secure from COVID19 pandemic, The Federal Government meant well to our lives

Hopefully this Implementation will be development

True talk sir

Osinbsjo always gives me happiness and hope for better tomorrow

mubzynani:
VP is the G.O.A.T ... Unlike the Chinese citizen and his Cameron boss..

You na st*pid p*nk

Indeed very great blessing to have him as our leader

Good Health is very important to we the Nigerians

ebenhazard:
#5b NEMA man

Be quiet

So amazing! The health of Nigeria citizen is very important

I know they pay you to write this just because you're hungry I no blame you na hunger

Interesting!!!

This is indeed commendable

Nigeria will surely Prevail

Very big thank you to Great Administration for their wonderful development

Wiseandtrue:
Nothing just snapped pictures! Them fit dash am somethings. Nothing of benefit to the masses

searchng4love:
And wetin he carry come?

Your head

It's no news Vice President Yemi Osinbajo is a huge tech promoter and supporter. He's the reason this administration has built 6 tech hubs across the country to drive Nigeria's technology growth and export of innovations. Also to support young techs in the industry.

In 2018, Prof. Osinbajo visited Google headquarters in Silicon Valley to promote Nigeria tech firms. Following that visit, last year the Vice President also received in audience a delegation from Google led by Mr. Doron Avni(the firm's Government Affairs and Public Policy Director) who said so far, the tech giant has trained 5 million Africans, in which 3 million are Nigerians.

In the Economic Sustainability Plan(Bouncing Back) there is also a support fund to accommodate businesses in the technology sector that was hit by COVID-19.

CC:
Seun
Lalasticalala
Mynd44

The total sum for the plan is put at N2.3 trillion, N500billion of this is a stimulus package that is already provided for in the amended in the 2020 Appropriations Act. These are funds that we have sourced from special accounts.
N1.2 trillion of the funds to be sourced as structured low-cost loans which are intervention from the Central Bank of Nigeria as well as other development partners and institutions

FOCUS
Agriculture, increasing the acreage under cultivation and engaging thousands of young people in farming and agro-allied jobs, with a scheme for guaranteeing off-take of farm produce. This ensures that farmers are assured of an income.
Programmes include mass social housing, using local materials, installing solar power in 5 million homes, and providing assistance to daily-paid and self-employed workers – petty traders, artisans like bricklayers, vulcanisers, and electricians as well as commercial drivers and barrow-pushers
The Nigeria Economic Sustainability Plan (NESP) was approved by President Muhammadu Buhari and the Federal Executive Council (FEC) on June 24, 2020, as a N2.3 trillion stimulus plan to mitigate the effects of a deep recession, while also ensuring social stability and addressing long-standing economic vulnerabilities. The Plan was developed by an Economic Sustainability Committee established by President Buhari in March 2020, under the leadership of Vice President Yemi Osinbajo.
THE STIMULUS PLAN'S AIMS ARE TO: 1.Create jobs 2. Put money into the economy to hopefully stop it slipping into recession 3. Support small businesses 4. Prioritize local content (Made-in-Nigeria)

BELOW. ARE SOME OF THE MAJOR PLANS
Expansion of the Social Investment Programme (This already on going with the the N-Power portal re-open for registration. 400,000 beneficiaries will be taken from the application pool)
Support for MSMEs, especially in assisting with loans and also to restructure their loans with banks. (On going with CBN N50 billion COVID-19 Targeted Credit Facility and 80% reduction in NAFDAC certification).

Support for local production and manufacturing of all that is possible, including tech apps, software, shoes, garments, steel fabrication, ceramics and furniture. (This will encourage Made in Nigeria and also self-sufficiency and reduce dependence on import goods)

Installation of Solar Home System, targeting 5 million households 5. 20,000 and 100,000 hectares of new farmland under cultivation in every State (Nigeria is highest producer of rice in Africa now, we can because highest in everything with this)

Extensive Public Works and Road Construction Programme focusing on both major and rural roads and using locally available materials like limestone, cement and granite.
Facilitation of broadband connectivity across the country and creation of a wide variety of technology and ICT jobs.

I can Wait to hear from Mr Vice President