P
ProfRem
Guest
The Federal Government on Tuesday released the Economic Recovery and Growth Plan (ERGP) for Nigeria’s economic recovery growth and sustainable development for 2017 - 2020.
The government expects the economy to climb out of recession and grow 2.19 percent this year.
In a statement made available to the media yesterday by Akpandem James, the Media Adviser to the Minister of Budget and National Planning, Senator Udoma Udo Udoma said the ERGP focuses on achieving macroeconomic stability and economic diversification by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade.
The ERGP, which aims to increase oil production to 2.5 million barrels per day and for Nigeria to become a net exporter of refined petroleum products by 2020.
The goal of the ERGP is also to increase export earnings and government revenues by an additional N800 billion a year.
Under the plan, the government also expects to earn N35 billion from the sale of some national assets, including oil joint ventures, and reducing stakes in other oil and non-oil assets.
The government said it would review and possibly remove a ban on accessing foreign exchange for 41 goods and services.
In addition, he said that the plan would provide for strong coordination with the states to ensure that the federal and sub-regional governments worked towards the same goals.
Akpandem said that the ceremonial presentation of the plan would take place when President Mohammadu Buhari, returned from vacation.
The government expects the economy to climb out of recession and grow 2.19 percent this year.
In a statement made available to the media yesterday by Akpandem James, the Media Adviser to the Minister of Budget and National Planning, Senator Udoma Udo Udoma said the ERGP focuses on achieving macroeconomic stability and economic diversification by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade.
The ERGP, which aims to increase oil production to 2.5 million barrels per day and for Nigeria to become a net exporter of refined petroleum products by 2020.
The goal of the ERGP is also to increase export earnings and government revenues by an additional N800 billion a year.
Under the plan, the government also expects to earn N35 billion from the sale of some national assets, including oil joint ventures, and reducing stakes in other oil and non-oil assets.
The government said it would review and possibly remove a ban on accessing foreign exchange for 41 goods and services.
In addition, he said that the plan would provide for strong coordination with the states to ensure that the federal and sub-regional governments worked towards the same goals.
Akpandem said that the ceremonial presentation of the plan would take place when President Mohammadu Buhari, returned from vacation.
