Nigeria has unveiled the much-awaited Economic Recovery and Growth Plan (ERGP) that will help it tackle its current economic crisis and achieve sustained diversification.

The medium-term plan for 2017-2020 released on Tuesday by the Minister of Budget and National Planning, Udoma Udo Udoma (photo), targets job creation, improved foreign exchange inflow, 10 GW of power generation, stable macroeconomic environment, infrastructural development, amongst others, by 2020.

It also aims to transform Nigeria into a net exporter of rice, cashew nuts, groundnuts, cassava and vegetable oil. According to Udoma, "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. The plan is projected to reduce unemployment to 11.23 percent by 2020 and increase oil output to 2.5mbpd.”

Let’s recall that the unavailability of this plan had delayed the country’s efforts to secure the funds needed to address economic challenges and fund a budget deficit of $7.5billion. Over the past year, the West African nation has been negotiating with the World Bank to secure a loan in this framework. However, the process was hindered by the failure of FG to submit its economic recovery plans by December-ending as agreed.

Also, the African Development Bank (AfDB) holds back $400 million, which is the second tranche of a $1bn loan, awaiting Nigeria to submit the reform plan.

Anita Fatunji