The Nigerian Minister for Budget and National Planning, Udoma Udo Udoma (photo), has announced the Federal Government’s strategic plan for pulling the economy out of recession and restore growth.

Speaking during the unveiling of the Economic Recovery and Growth Plan (ERGP), 2017-2020 in Abuja, the minister said the aim of the ERGP, is to combat the current economic crisis, restore growth and ensure sustained inclusive growth.

He said in order to implement the ERGP, the government had selected 12 strategies, out of the 59 strategies that had been developed.

These strategies include the privatization of selected public asset, cutting costs of governance, restoration of crude oil production to 2.2 million barrels per day (mbpd), targeting 2.5mbpd by 2020, investment in critical infrastructure especially electricity, roads, and railways to support investments and revamping the country’s refineries.

Others are: expansion of social investment programmes, improving the ease of doing business in the country, accelerated implementation of National Industrial Revolution Plan, exports promotion, agricultural transformation, improving skills and enhancing growth, PremiumTimes reports.

Let’s be reminded that Nigeria’s economy relies greatly on oil revenue. The recent fall in oil prices, as well as low output caused by the insurgency in the Niger Delta region, have plunged the country’s economy into recession, affecting businesses and making Nigerians face the worst experiences in years.

Anita Fatunji