FG Targets 7% Economic Growth by 2020

By Modupe Gbadeyanka

President Muhammadu Buhari has formally launched the much-awaited Economic Recovery & Growth Plan (ERGP, 2017 – 2020).

During the ceremony held on Wednesday in Abuja, Mr Buhari disclosed that Nigeria aims to achieve a 7 percent growth rate by the year 2020.

Speaking during the launch, the President said, “The ERGP brings together all our sectoral plans for agriculture and food security, energy and transport infrastructure, industrialization and social investments together in a single document.”

He added that, “It builds on the Strategic Implementation Plan and sets out an ambitious roadmap to return the economy to growth.”

The President said his administration recognised the difficult situation Nigeria was in and the need to bring positive and enduring change, stressing that he remains committed to his electoral promise to change the way of doing things and to change Nigeria for good.

He reiterated his government’s main focus of improving security in the country, tackling corruption and revitalising the economy.

“I want to assure all Nigerians that we are approaching the solution to our economic challenges with the same will and commitment, we have demonstrated in the fight against corruption and in the fight against terrorism and militancy,” he said.

Mr Buhari noted that, “Our aim simply put, is to optimise local content and empower local businesses.

“We seek not just to take the Nigerian economy out of recession but to place it on a path of sustained, inclusive and diversified growth. We are determined to change Nigeria from an import dependent country to a producing nation.

“We must become: A nation where we grow what we eat and consume what we produce. We must strive to have a strong Naira and productive economy.”

The President urged “Nigerians to work with us to ensure we achieve those objectives,” saying that the “contents of the Plan are already familiar to a broad cross-section of Nigerians because it was developed in consultation with a wide group of stakeholders, including the National Assembly, State Governments, the business community, labour unions, academia, civil society groups and development partners.”