Udoma-FG has Political will to Drive Economic Recovery, Growth Plan

(Radio Nigeria) Minister of Budget and National Planning, Senator Udoma Udo Udoma, has assured of the Federal Government’s political will to drive the Economic Recovery and Growth Plan (ERGP) which will pull the economy out of recession and set it on a path of sustainable growth and development.

Senator Udoma spoke at the second Presidential Business Forum, a platform which engages and interacts with the private sector, to keep them abreast of government’s policies, programmes and activities.

Acting President, Yemi Osinbajo presided over the forum and disclosed that the Federal Government has presented 12 priority areas to the Organised Private Sector (OPS) that will aid the delivery of the plan.

The ERGP would be launched next month in which the Federal Government is committed to ensuring that 30 per cent of the budget goes into capital expenditure.

According to Udoma,  aside strong political will, the government also intends to drive the plan by ensuring close partnership and strong collaboration between public and private sectors, especially in the areas of agriculture, manufacturing, solid minerals, services and infrastructure to boost the implementation of the plan.

The Minister, who said the plan would be driven by rigorous Implementation Plan, also explained that the  ERGP is built on the existing 2016 Strategic implementation plan ( SIP), and contains strategic objectives and enablers required to revive the economy.

He said 12 strategies have been prioritized based on their importation to the success of the Economic Recovery and Growth Plan.

They include,  restoration  of production to 2.2 mbpd and reach 2.5mbpd by 2020, privatize selected assets, accelerate non-oil revenue generation, drastically cut costs, align monetary, trade and fiscal policies and expand infrastructure especially power, roads and rail”.

Other strategies are revamp the four existing refineries, improve ease of doing business, expand social investment programmes, deliver on agricultural transformation, accelerate implementation of National Industrial Revolution Plan using special economic zones and focus on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills.”

Also, President of the Lagos Chamber of Commerce and Industry, (LCCI), Chef Nike Akande, has urged the Federal Government to include members of the Organised Private Sector, (OPS) in the Ease of Doing Business Committee, (EDBC) recently set up.

Akande told Radio Nigeria State House Correspondents she had always taken up the responsibility of attracting foreign investors to Nigeria whenever she had the opportunity of speaking outside the country.

According to her, ‎the private sector operators know where the shoe pinches as practitioners and will be quick to bring such to the notice of the government when included in the Committee.

Akande said the points raised by the OPS were critical to the nation’s economy.
She urged the government to sustain the forum which she said afforded both parties to listen to each other.

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