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FG releases much-awaited economic recovery plan, wants oil at 2.5mbpd by 2020

By on March 8, 2017

The federal government has finally released its economic recovery and growth plan (ERGP), which has been in the works since 2016.

The document seen by TheCable is a medium term plan aimed at revamping the economy between 2017 and 2020.

“The ERGP differs from previous plans in several ways. First, focused implementation is at the core of the delivery strategy of the plan over the next four years,” the document read.

“More than ever before, there is a strong political determination, commitment and will at the highest level. Whilst all the MDAs will have their different roles in implementing the plan, a delivery unit is being established in the presidency to drive the implementation of key ERGP priorities.

“The ministry of budget and national planning will coordinate plan-implementation and for this purpose will, amongst other things, build up its capability for robust monitoring and evaluation.”

The plan is premised on five main pillars, all geared towards driving the country with multiple engines — not just the oil engine.

However, the federal government hopes to raise Nigeria’s oil production levels from 2.2 million barrels per day to 2.5 million barrels by 2020.

The plan seeks to focus on tackling constraints to growth,  leverage the power of the private sector, promote national cohesion and social inclusion, allow markets to function, and  uphold core values.

Acting President Yemi Osinbajo had told the world at Davos, Switzerland, that Nigeria’s economic plan will be ready by February, 2017.

“We would formally launch the four-year economic recovery approved plan in mid-February,” Osinbajo had said.

“We’ve already written it out, many parts of it…we are discussing, but it would be formally launched as a document in the middle of February.”

The ministry of budget and national planning could not meet up with the acting president’s  set date, based on fine-tuning, done on the document, a senior official told TheCable.