The Federal Government of Nigeria has launched the long-awaited Economic Recovery and Growth Plan (ERGP), a medium-term plan for 2017-2020.

The Economic Recovery plan targets restoration of growth, human development and globally competitive economy, in efforts to combat current economic crisis and achieve sustained diversification and inclusiveness.

The ERGP document was released on Tuesday by the Ministry of Budget and National Planning which will provide a policy and reform framework, demanded locally and internationally, to haul the economy out of recession and chalk out path to national development.

It has been noted that the unavailability of the ERGP has been impeding the country’s efforts to secure funds needed to address her economic challenges, including funding the budget especially critical infrastructural objectives.

In January, Reuters reported how inability to submit recovery and reform plan stalled Nigeria’s bid for loan, quoting unnamed sources in global and Nigerian finance circle. The Reuters report mentioned the African Development Bank, AfDB, President, Akinwunmi Adeshina, as saying the bank held back the last tranche of $1 billion loan for Nigeria.

The AfDB President while explaining the reason for holding back last tranche of loan for Nigeria had said “We are waiting for the economic policy recovery programme and the policy framework for that.”

In the plan disclosed Tuesday evening, Nigeria said: “The vision of the ERGP is one of sustained inclusive growth. There is an urgent need as a nation to drive a structural economic transformation with an emphasis on improving both public and private sector efficiency.

“This is aimed at increasing national productivity and achieving sustainable diversification of production, to significantly grow the economy and achieve maximum welfare for the citizens, beginning with food and energy security. This Plan is a pointer to the type of Nigeria that the people desire in the short to medium-term, and encourages the use of science, technology and innovation to drive growth.

“It also provides a blueprint for the type of foundation that needs to be laid for future generations, and focuses on building the capabilities of the youth of Nigeria to be able to take the country into the future.”