After many months of rigorous planning, President Muhammadu Buhari, yesterday, received the ambitious economic recovery strategy report prepared by his Economic Management Team, EMT, to steer the nation off recession.
The multi-prong strategy, which was prepared by the EMT, in collaboration with the Ministries of Budget and National Planning, Finance, the Presidency and the Central Bank of Nigeria, is to enable the President appreciate the Economic Recovery and Growth Plan, ERGP, before setting out to present it to Nigerians next month.
A top source, who is privy to the ERGP, confirmed that President Buhari received the document with a high level of appreciation to the EMT and would gladly make it public early next month.
It was gathered that the ERGP is hinged on five key sectors, namely, macroeconomic policy, economic diversification and growth drivers, competitiveness, social inclusion and jobs, and governance and other enablers.
It was learnt that under the Macroeconomic policy, the government seeks to discuss how to better coordinate its fiscal and monetary policies and also identify initiatives to improve its revenues, while reducing cost in order to achieve greater macroeconomic stability.
Similarly, the economic growth and diversification strategy explores short and medium-term initiatives to drive growth in the non-oil sector, especially in agriculture, manufacturing, solid minerals, and services.
The government plans to identity specific measures to improve Nigeria’s business climate and also drive investments in the power and transport sectors under its competitiveness strategy. It is targeting private sector funding to improve on its infrastructure under the competitiveness arrangement.
The ERGP will also suggest ways to leverage private sector capital to invest in our infrastructure.
The government also plans to identify and embark on more social programmes which can be implemented to support the poor and the vulnerable under its Social inclusion and jobs programme, which has been well highlighted in the recovery plan.
Under its Governance and Enablers, the administration intends to examine a range of cross-cutting issues, including governance, security, human capital development, coordination with states, which will be needed to ensure the success of the ERGP.
A top source familiar with the document now before Mr. President, said last night: “There will be a major emphasis on implementation and monitoring and Evaluation of this ERGP this time around.
“Given the current challenging economic environment, the government will consider setting up a special delivery unit (with a “war room”) to drive the implementation of the ERGP.”