Fg to replace ergp with new economic blueprint
It seems like you're referring to the Federal Government's plan to replace the Economic Recovery Growth Plan (ERGP) with a new economic blueprint. Here's a summary of the situation:
Background: The Economic Recovery and Growth Plan (ERGP) was launched in 2017 by the Federal Government of Nigeria as a medium-term plan to stimulate economic growth, reduce poverty, and improve the standard of living for Nigerians. The plan aimed to achieve a GDP growth rate of 7% by 2020.
New Economic Blueprint: In recent times, there have been reports that the Federal Government is planning to replace the ERGP with a new economic blueprint. The new plan is expected to focus on diversifying the economy, promoting industrialization, and increasing non-oil revenue.
Key Features: The new economic blueprint is expected to have the following key features:
- Diversification: The plan will focus on diversifying the economy by promoting non-oil sectors such as agriculture, manufacturing, and services.
- Industrialization: The plan will aim to promote industrialization by providing incentives for investors, improving infrastructure, and increasing access to funding.
- Non-Oil Revenue: The plan will focus on increasing non-oil revenue by promoting exports, improving tax collection, and increasing government revenue.
- Job Creation: The plan will aim to create jobs by promoting entrepreneurship, improving the business environment, and increasing access to funding for small and medium-sized enterprises (SMEs).
- Infrastructure Development: The plan will focus on developing critical infrastructure such as roads, railways, and ports to improve connectivity and facilitate trade.
Implementation: The implementation of the new economic blueprint is expected to be led by the Federal Ministry of Finance, Budget, and National Planning, in collaboration with other ministries, departments, and agencies (MDAs). The plan will also involve the private sector, civil society organizations, and international partners.
Challenges: The success of the new economic blueprint will depend on several factors, including the ability to address the following challenges:
- Funding: The plan will require significant funding, which may be challenging given the country's current fiscal constraints.
- Implementation: The plan will require effective implementation, which may be challenging given the country's history of poor implementation of economic plans.
- Coordination: The plan will require coordination among different MDAs, which may be challenging given the country's bureaucratic challenges.
Overall, the new economic blueprint has the potential to transform the Nigerian economy and improve the standard of living for Nigerians. However, its success will depend on effective implementation and coordination among different stakeholders.