man drawing schedule of business growth

Federal Government launches Economic Recovery and Growth Plan, targets 7% real GDP growth in 2020

Nigeria’s Ministry of Budget and National Planning yesterday released the much-anticipated Economic Recovery and Growth Plan for the period 2017-2020. The broad objectives of the plan are to restore economic growth, invest in the Nigerian people and build a globally competitive economy. As stated in the document, these objectives would be achieved through the key execution priorities such as:

  • Stabilizing the macroeconomic environment
  • Achieving agriculture and food security
  • Ensuring energy sufficiency (power and petroleum products)
  • Improving transportation infrastructure
  • Driving industrialization focusing on Small and Medium Scale Enterprises

In terms of targets, the plan projects the following:

  • Real GDP growth of 2.19% in 2017; 4.8% in 2018 and 7% in 2020
  • Inflation rate at 15.74% in 2017; 12.4% in 2018 and 9.9% in 2020
  • Unemployment and underemployment rate at 33.5% in 2017; 31.9% in 2018 and 26.9% in 2020
  • Oil production at 2.2 million barrels per day (mbpd) in 2017; 2.3 mbpd in 2018 and 2.5 mbpd in 2020

It should be recalled that the Economic Recovery & Growth Plan emanated from discussions at last Nigerian Economic Summit held in October 2016 in Abuja. We believe that the objectives and targets of the Plan are ambitious, however, implementation of the Plan is key to getting the economy back on the path of economic growth and sustainable development. NESG


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