Economy Recovery Growth Plans

Economy Recovery Growth Plans


Nigeria as a country is blessed with both human and natural resources which can be used to help boost the economy of the country. However, these potentials have remained untapped over the years due to government policies and plans. The Federal Government under President Muhammadu Buhari lead Administration has drawn out a plan to ensure the situation is no longer the same.

After a shift from agriculture to crude oil and gas in the late 1960’s, Nigeria growth has continued to be driven by consumption and high oil prices. The President Muhammadu Buhari Administration recognized the fact that the economy will continue to be on a steady and steep decline if nothing is done to change the situation.

The state of the Nigerian economy remains highly import dependents, consumption driven and undiversified. Nigeria as a country imports more than it exports, which is antithetical to economic growth. In view of this, the federal government has gone ahead to launch the Economic Recovery and growth plan, a medium term plan from 2017 to 2020 which was developed for the purpose of restoring economic growth of the nation.

The main aim of the plan is to sustained inclusive growth in order to improve both public and private sector and increase national productivity.

Some of the objectives of the Economic Recovery plan growth are;

Restoring Growth: This will be done by achieving macro-economic stability by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade. To achieve economic diversification, the federal government plans to focus on key sectors driving the enabling economic growth, with particular focus on agriculture, energy, science and technology and micro, small and medium enterprises(MSME).

The revival of the sectors will increase investment in other sectors and less reliance on foreign exchange for intermediate goods and raw materials and greater export orientation will improve micro economic conditions, restore growth and help to create jobs and structural change.

Investing in Nigerian citizens: Economic growth is beneficial for society when it creates opportunities and provide supports for the citizens. The Economic Recovery Growth Plan is target to invest in the Nigerian people by increasing social inclusion in area of investing in social programmes and provision of social amenities, creating jobs through the adoption of jobs and skill programmes for Nigerians, improving the human capital through investment in health and education sectors to fill in the skill gap in the economy and meet the international targets.

Building a global competitive economy: Restoring Nigeria economic growth and laying the foundation for long term development required a dynamic and active private sector that can innovate the respond to global opportunities. This area will deal with improvement of infrastructure and improving business environment, all this will involve investment in roads, power, rail ports and broadband networks.

Economy Recovery Growth Plans 

Nigeria as a country is blessed with both human and natural resources which can be used to help boost the economy of the country. However, these potentials have remained untapped over the years due to government policies and plans. The Federal Government under President Muhammadu Buhari lead Administration has drawn out a plan to ensure the situation is no longer the same.

After a shift from agriculture to crude oil and gas in the late 1960’s, Nigeria growth has continued to be driven by consumption and high oil prices. The President Muhammadu Buhari Administration recognized the fact that the economy will continue to be on a steady and steep decline if nothing is done to change the situation.

The state of the Nigerian economy remains highly import dependents, consumption driven and undiversified. Nigeria as a country imports more than it exports, which is antithetical to economic growth. In view of this, the federal government has gone ahead to launch the Economic Recovery and growth plan, a medium term plan from 2017 to 2020 which was developed for the purpose of restoring economic growth of the nation.

The main aim of the plan is to sustained inclusive growth in order to improve both public and private sector and increase national productivity.

Some of the objectives of the Economic Recovery plan growth are;

Restoring Growth: This will be done by achieving macro-economic stability by undertaking fiscal stimulus, ensuring monetary stability and improving the external balance of trade. To achieve economic diversification, the federal government plans to focus on key sectors driving the enabling economic growth, with particular focus on agriculture, energy, science and technology and micro, small and medium enterprises(MSME).

The revival of the sectors will increase investment in other sectors and less reliance on foreign exchange for intermediate goods and raw materials and greater export orientation will improve micro economic conditions, restore growth and help to create jobs and structural change.

Investing in Nigerian citizens: Economic growth is beneficial for society when it creates opportunities and provide supports for the citizens. The Economic Recovery Growth Plan is target to invest in the Nigerian people by increasing social inclusion in area of investing in social programmes and provision of social amenities, creating jobs through the adoption of jobs and skill programmes for Nigerians, improving the human capital through investment in health and education sectors to fill in the skill gap in the economy and meet the international targets.

Building a global competitive economy: Restoring Nigeria economic growth and laying the foundation for long term development required a dynamic and active private sector that can innovate the respond to global opportunities. This area will deal with improvement of infrastructure and improving business environment, all this will involve investment in roads, power, rail ports and broadband networks.