Successful implementation of ERGP will accelerate 7% GDP growth by 2020 ― Osinbajo

VICE President, Professor Yemi Osinbajo, has said that the country would achieve 7 per cent Gross Domestic Product (GDP), with the successful implementation of the Economic Recovery and Growth Plan (ERGP).

He noted that the ERGP was entirely different from other economic plans introduced by the previous administration, based on its objectives priorities and targets.

The VP stated this in his keynote address delivered at the meeting 17th Joint Planning Board and National Council on Development Planning organised by the Federal Ministry of Budget and National Planning in conjunction with the Ogun State Government, on Thursday.

Osinbajo explained that the nation’s macroeconomic indices had improved within two years implementation of ERGP with the restoration stability in the foreign exchange.

The VP represented by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, at the event also noted that the inflation rate had equally declined for the 18th consecutive month since 2016.

Osinbajo submitted that the President Muhammadu Buhari led government would lay a solid foundation for a more resilient and competitive economy.

ALSO READ: Tension in Ondo as Regent dares Deji of Akure’s appointee to wear traditional crown

“I believe strongly that to accelerate implementation of the ERGP and deliver on its target of 7% GDP growth by 2020, we surely need massive amounts of private investment. And that underscores the significance of the ERGP Focus Labs.

“I am pleased to note that this exercise has yielded positive outcomes. In the past few months, we have taken a number of decisions that will further facilitate the realization of the massive private investments unlocked in these labs,” he added.

The state governor, Senator Ibikunle Amosun, maintained that the present administration had put the nation’s economy on the path of progress with the ERGP launched in 2017.

“The new vision of ERGP of the Federal Government is not only to restore the economic growth but also to invest in Nigerians and to build a globally-competitive economy, especially in the major sectors of the economy,” Amosun added.