(Press Release) Based on the ongoing implementation of the 2017-2020 Economic Recovery and Growth Plan (ERGP) by the President Muhammadu Buhari-led administration, the Minister of Budget and National Planning, Sen. Udoma Udo Udoma has disclosed that the country’s economy will come out of recession in 2017.
Sen. Udoma said the 2017-2020 ERGP and the 2017 National Budget is based on the manifesto of the All Progressives Congress (APC) and campaign promises made by President Muhammadu Buhari during the 2015 elections.
The minister said this on Wednesday evening when he made a presentation to the APC National Working Committee (NWC) at the Party’s National Secretariat on the federal government’s 2017-2020 ERGP.
Citing high insecurity, massive corruption, unemployment, poor infrastructure, import dependent economy and other structural weaknesses, the Minister stated that the President Buhari-led administration inherited an economy that was in a very bad shape.
“APC promised to bring Change to Nigerians. During the campaign, President Muhammadu Buhari promised to tackle the security challenges, fight corruption and fix the broken economy. Mr. President has remained irrevocably committed to delivering on these three promises.” The Minister said during the presentation.
He disclosed that the medium-term plan for 2017-2020 was developed through an extensive consultative process. It builds on previous plans, including sectoral plans and captures the key promises of the APC, the minister said.
“It (ERGP) contains bold actions required to tackle the current challenges and build a more resident economy. It is designed to get the economy out of recession unto a path of diversified, sustainable and inclusive growth.
The Minister outlined the ERGP’s outlook and major deliverables thus:
- 4.6% average real GDP growth rate over the Plan period reaching 7% by 2020
- Crude Oil output of 2.2 mbpd by 2017 rising to 2.5mbpd in 2020.
- 11.23% unemployment rate by 2020 from 14.2% in Q4 2016.
- Agriculture average annual growth rate of 6.9% over the Plan period.
- Single digit inflation rate by 2020 from 18.6% in December 2016.
- At least 10GW of operational electricity capacity by 2020.
- Over 15million direct jobs by 2020 – created in agriculture, manufacturing, construction, services, etc
- Self sufficiency in rice and wheat in 2018 and 2020, respectively.
- Manufacturing sector average annual growth of 8.5%, peaking at 10.6% by 2020.
- 60% reduction in imports of refined petroleum products by 2018 and net exporter of refined crude by 2020.
In terms ERGP implementation, the minister said much of the capital provision in the 2017 Budget is directed at projects that are aligned with the core execution priorities of the ERGP. He called on the Party’s hierarchy support to ensure delivery of the Plan’s objectives starting with the 2017 Budget.
“Implementation of the 2017 Budget will be targeted at at achieving the objectives of the ERGP and delivering on the promises of the APC and of Mr. President.
“As a ministry, we will continue to strengthening our monitoring and evaluation framework – covering physical inspection/verification as well as Impact Assessment of projects/programme implemented by MDAs.
“The ERGP is a plan for all Nigerians and we need the cooperation of all for its success.
“Particularly, the support of the Party’s hierarchy is required to ensure delivery of the Plan’s objectives starting with the 2017 Budget,” the Minister said.
Speaking earlier, the APC National Chairman, Chief John Odigie Oyegun in his remarks before the meeting went into a closed-door session noted that the 2017-2020 Economic Recovery and Growth Plan (ERGP) was fundamental in rebuilding and strengthening of the foundation of country, particularly the economy.
“The Plan is fundamental because it is the basis for which the rebuilding and strengthening of the foundation of this nation is going to be based… As a Party, when we speak on the state of the economy, it must be based on knowledge and fact. With this presentation, we will be able to say three year from now everything being equal, this is where we are likely to be” he said.