As part of the effort to tackle the economic challenges of the country, the Federal Government, during the Second Presidential Business Forum chaired by the Acting President, Yemi Osinbajo, has unveiled the Economic Recovery and Growth Plan, ERGP, 2017-2020.

Speaking at the unveiling, the Minister for Budget and National Planning, Udoma Udoma, disclosed that asset divestment, stable oil production and expansion of economic infrastructure are parts of the strategic plans of the Nigerian government to haul the troubled economy out of recession and restore growth.

The minister stated that the ERGP, which is a new medium-term plan, was designed to combat the current economic crisis, restore growth and ensure sustained inclusive growth, adding that the government had prioritised 12 strategies, in order to implement the ERGP, although 59 strategies had been developed.

According to Udoma, the priority strategies are: privatization of ‘selected’ public asset; cutting costs of governance; restoration of crude oil production to 2.2 million barrels per day (mbpd), targeting 2.5mbpd by 2020; investment in critical infrastructure, especially electricity, roads, and railways to support investments; and revamping the country’s refineries.

Others are: expansion of social investment programmes; improving the ease of doing business in the country; accelerated implementation of National Industrial Revolution Plan; exports promotion; agricultural transformation; improving skills, and enhancing growth.