The Federal government has maintained its earlier commitment to sell some of its identified but ‘yet-to-be-named’ assets as well as ensure the revamp of local crude oil refineries as part of twelve priority strategies which it is now adopting to quickly take the country out of biting recession.

Also, the government said it plans to restore crude oil production to 2.2million barrels per day and raise it to 2.5million by 2020 as part of its Economic Recovery and Growth Plan (ERGP).

Speaking at the Second Quarterly Presidential Business Forum in Abuja, a platform to engage and interact with the private sector to update on government’s policies, programmes and activities, presided over by Acting President Yemi Osinbajo, the minister of budget and national planning Udoma Udo Udoma said that there are a total of fifty-nine strategies but twelve had been prioritised based on their importance to the success of the recovery plan.

Other strategies include; acceleration of non-oil revenue generation, drastically cutting costs, aligning monetary, trade and fiscal policies and expand Infrastructure especially power, roads and rail, improve ease of doing business, expand government’s social investment programmes.

Others are ; deliver on agricultural transformation, acceleration and implementation of the National Industrial Revolution Plan using special economic zones as well as focusing on priority sectors in order to generate jobs, promote exports, boost growth and upgrade skills.

The Economic Recovery Plan which the government said will be unveiled next month, is a plan of the Muhammadu Buhari led the government to get the country out of recession. Already the government said it is ensuring that 30 percent of the 2017 budget is committed to capital expenditure.

The Federal Government has assured of the political will to drive The Economic Recovery and Growth Plan (ERGP) that would pull the economy out of recession and set it on the path to sustainable growth and development.

According to Udoma the recovery plan which is different from previous ones developed and not effectively implemented will be driven by strong political will, close partnership and strong collaboration between public and private sectors, especially in the areas of Agriculture, manufacturing, solid minerals, services and infrastructure.

He explained that the ERGP is built on the existing 2016 Strategic Implementation Plan ( SIP), and contains strategic objectives and enablers guaranteed to resuscitate the economy.

The Vice President in his remarks ensured that the parley will continue adding that of that the central point of the plan is the private sector led recovery growth and plan.

“The main plan of our economic plan is the sustenance of the robust private sector partnership. Indeed, it is our strong believe that sustainable economic growth is only possible if it is private sector led and a great attention has been paid as you will possibly find in Sustaining private sector leadership especially in the plan of economic recovery and growth plan 2017 which is to be launched next month.

“The pivot of that plan is the private sector led recovery growth and plan.“So, this Forum is an important one for engendering the continuous engagement that this partnership will entail”.

Source: Leadership News