Nigeria to Work Closely With Global Partners on ERGP Execution

Economy
  • Nigeria to Work Closely With Global Partners on ERGP Execution

Nigeria will work closely with international development partners to accelerate the pace of socio-economic and sustainable growth, particularly in those areas that will lead to the speedy realisation of the objectives of Nigeria’s Economic Recovery and Growth Plan (ERGP).

Minister of Budget and National Planning, Udoma Udo Udoma, made this known in Abuja while meeting with the Ambassador Designate of Japan, His Excellency, Yukata Kikuta, and the United Nations Industrial Development Organisation (UNIDO) Managing Director (Programme Development and Technical Cooperation Division), Phillippe Scholtes.

At each of the meetings, the Minister told his guests that Nigeria is disposed to working with local and foreign development partners to achieve the change agenda of the Buhari Administration.

He acknowledged the cordial and beneficial working relationship existing between Nigeria and both Japan and UNIDO over the years, and emphasized that there were opportunities for further enhancing the relationship given the policy initiatives and disposition of the Buhari Administration.

They were briefed by the Minister on Nigeria’s Economic Recovery and Growth Plan which the Minister said was developed by the Nigerian Government in response to the economic challenges the Buhari Administration inherited at inception. They were also briefed on the many policy initiatives of the Federal Government.

The Minister explained the concept of the ERGP: “The plan was developed after extensive consultations and has been generally accepted and commended by Nigerians. It has three key objectives: Restoring growth from a negative trend in 2016 to seven per cent by 2020; Investing in our people by increasing social inclusion, creating jobs and improving the human capital base of the economy; and building a globally competitive economy.”

Specifically, he indicated that Nigerians were impressed by the transformation of the Japanese economy over the last 50 years and noted that this was achieved by the strong partnership existing between the Japanese Government and the Japanese private sector. He said the Nigerian Government was also working on strengthening its own partnership with the private sector because of the recognition that increased private sector investment is critical to achieving the development targets set out in the ERGP.

About the Author

Samed Olukoya
Samed Olukoya is the CEO/Founder of investorsking.com, a digital business media, with over 10 years experience as a foreign exchange research analyst and trader.

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