THE federal government has reiterated its commitment to the implementation of the Economic Recovery and Growth Plan (ERGP) which was designed to bring the economy on recovery path.
Speaking at the Annual General Meeting (AGM) of Nigerian Employers Consultative Association (NECA) in Lagos on Tuesday, the Minister of Budget and National Planning, Sen Udoma Udo Udoma, said Nigeria recognised the impact of the ERGP and that it aims to build Nigeria where “we grow what we eat, consume what we make and produce what we use.
“We can’t enjoy the benefits of the ERGP unless it is effectively and faithfully implemented. I must admit that as a country, our track records on implementation of our plans have not been very good. Conscious of this, ERGP has dedicated section 7 to just implementation.”
He however stated further that “firstly, we must focus on priorities, establish clear accountability and set targets and develop detailed action plans. We must mobilise and allocate resources to the priorities, create an enabling policy and regulatory environment and finally set up delivery unit or units to monitor and drive progress.
In his address, NECA President, Mr Larry Ettah, commended the government initiatives in setting up policies to ensure smooth running of businesses in the country.
He stated that the setting up of the Presidential Enabling Business Council on ease of doing business, the National Economic Recovery and Growth Plan, which he said, if credibly implemented will resolve the problem of policy clarity and also support better economic outcomes, the improved access to foreign exchange for all enterprises irrespective of size, Executive Order by the Acting President, Professor Yemi Osinbajo, in particular the ones that are aimed at removing bottlenecks at both the seaports and airports and resuscitation of the scheduled and regular dialogue platform with Organized Private Sector (OPS) through the quarterly Business Forum for Private Sector Stakeholders with the government.
However, he lamented on the current dispensation of high interest rate, which is clearly negative to growth and development, fixed exchange rate dispensation with its attendant multiple rates which has not augur well for right pricing and effective means of resource allocation and the latest data by the National Bureau of Statistics which revealed that about twelve million Nigerians are unemployed.
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