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China-Africa Trade Information Service
info.afrindex.com
China-Africa Trade Information Service
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The Minister of Budget and National Planning, Senator Udoma Udo Udoma stated that the implementation of the Economic Recovery and Growth Plan (ERGP 2017–2020), is moving Nigeria’s economy in a positive direction.
Senator Udoma, who was speaking at the presentation of the International Monetary Fund (IMF) Regional Economic Outlook Report for Sub-Africa, said actions taken since the launch of the Plan in early 2017 have helped to build buffers and appropriate measures to safeguard the economy from any external shocks.
He recalled that following the collapse of crude oil prices from 2014, which culminated in the country’s economy sliding into recession in 2016, government developed a robust Medium-Term Plan–the ERGP, which was launched in early 2017, which focuses on five strategic areas: Macroeconomic Stability, Economic Diversification and Growth Drivers, Competitiveness, Social Inclusion and Jobs, as well as Governance and other Enablers.
The Minister said the positive trends recorded in the country’s economic indicators since the launch of the ERGP indicate that the Plan is working.
Nigeria still needs to improve policy frameworks, promote diversification, deepen trade and financial integration as well as promote flexible education.
