Nigeria pathway economic recovery enang #comments
Here are some key points on Nigeria's pathway to economic recovery, as outlined by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, in a statement on October 24, 2017:
Economic Recovery and Growth Plan (ERGP)
- The ERGP is a 5-year plan (2017-2021) aimed at reviving Nigeria's economy and restoring growth.
- The plan is focused on six key areas: Macroeconomic Stability, Economic Diversification, Industrialization, Social Inclusion, and Governance.
Key Strategies
- Macroeconomic Stability: Restore fiscal discipline, reduce debt, and maintain a stable exchange rate.
- Economic Diversification: Diversify the economy by promoting non-oil sectors such as agriculture, manufacturing, and services.
- Industrialization: Promote industrialization through infrastructure development, investment in human capital, and support for small and medium-sized enterprises (SMEs).
- Social Inclusion: Reduce poverty and inequality through social protection programs, education, and healthcare.
- Governance: Improve governance through transparency, accountability, and effective public service delivery.
Implementation Roadmap
- Short-term (2017-2018): Focus on stabilizing the economy, addressing liquidity issues, and implementing structural reforms.
- Medium-term (2019-2020): Focus on diversifying the economy, promoting industrialization, and improving social inclusion.
- Long-term (2021-2025): Focus on sustaining economic growth, promoting sustainable development, and ensuring that the economy is resilient to external shocks.
Key Performance Indicators (KPIs)
- GDP growth rate: 3.5% in 2017, 4.5% in 2018, and 5.5% in 2019.
- Inflation rate: 12.4% in 2017, 10.4% in 2018, and 8.4% in 2019.
- Unemployment rate: 14.2% in 2017, 13.2% in 2018, and 12.2% in 2019.
- Foreign exchange reserves: $23.8 billion in 2017, $25.8 billion in 2018, and $28.8 billion in 2019.
Challenges and Risks
- Fiscal risks: High debt levels, revenue shortfalls, and inadequate fiscal buffers.
- Monetary risks: Inflationary pressures, exchange rate volatility, and liquidity risks.
- External risks: Global economic downturn, commodity price shocks, and security risks.
Overall, the ERGP aims to restore Nigeria's economic growth, reduce poverty and inequality, and promote sustainable development. The plan is designed to address the country's economic challenges and risks, and to create a more resilient and diversified economy.