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The Minister of Budget and National Planning, Senator Udoma Udo Udoma, has listed the key objectives of the Nigeria Economic Recovery and Growth Plan (NERGP), the blueprint with which the government of President Muhammadu Buhari expects to recover the Nigerian economy from the current recession.
Senator Udoma made the objectives of the NERGP, which is still under development, known at a Public Consultative Forum held at the State House in Abuja yesterday.
The specific objective of the Monday’s forum with private sector operators, Udoma said was to review the context for Nigeria’s ERGP, share the Plan’s structure and discuss potential key initiatives and solicit feedback from the operators.
The objectives, which Udoma summarized into five key principles of the Plan, as listed by him, include: focus on tackling constraints to growth; leverage the power of the private sector; promote national cohesion and social inclusion; allow markets to function and uphold core values.
Focusing on tackling constraints to growth, Udoma said, Nigerian growth faces various supply constraints including fuel, power, foreign exchange, and even business unfriendly regulation. He said the NERGP focuses on overcoming and resolving these input challenges.
Talking on leveraging the power of the private sector, he said economic recovery and transformative growth cannot be achieved by the government alone that it is essential to harness the entrepreneurial nature of Nigerians, from the MSMEs to the large domestic and multinational corporations.
Senator Udoma said to promote national cohesion and social inclusion, the Plan will ensure social inclusion in its initiatives with the end goal of strengthening national cohesion.
Udoma said in recognition of the power of markets to drive optimal behaviour among market participants, the Plan will prioritizes the use of the market as a means of resource allocation where possible and supports a more business friendly economic environment.
He said the NERGP is rooted in the core values that define Nigerian society as enshrined in the 1999 Constitution, notably discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism.
Udoma said that the NERGP requires all citizens and stakeholders to adhere to these principal objectives of the recovery plan in the bid to reposition and grow the economy in a sustainable manner.
Meanwhile, the private sector operators at the forum called on the federal government to diligently implement the NERGP with the government assuring that the plan will be implemented.
The forum was attended by captains of industries and heads of the various Chambers of Commerce and Industry across the country.