Examining the economic recovery growth plan of the Federal Republic of Nigeria in term of content, rationale and relevance to an economic emerging from recession.
In the month of February 2017, the federal government release the economic recovery growth plan to resuscitate the economy of the country, considering the inability of the Nigerian economy to create jobs and achieve real poverty reduction, it is therefore important to examine the economic recovery growth plan presented by the federal government.
It is obvious that the Nigerian economy depends on oil and gas sector to survive as this sector constitute or represent 94% of the export earnings and 62% of the government revenues (Federal and state) though this sector account to just 10% of the GDP but the truth of the matter is, no country can survive by depending only on a particular sector and I believe the recent global fall in the price of crude oil brings about the recovery plan.
The fall in our foreign exchange reserve from as high as USD 58 billion (2008) to USD 3.1 billion (2015) is indeed a bad omen for the Nigerian economy. Therefore diversification is key.
Poverty happens to be the thing of the day as a result of unfavourable economy about 61% of Nigerian population lives on USD 1 or less a day and human development indicator pointing a bleak picture of Nigeria's health and education system and the country's infant mortality rate happens to be the fourth highest in the world as this is caused by malnutrition.
That's a whole lots of Shit for the Nigerian economy.
While all this is happening, Nigeria still doesn't have a road map but with the economic recovery growth plan, I believe Nigeria economy would flourish,
Speaking more about the inequalities in the Nigerian system as a result of poor economy, unemployment is high among youth, the country has 17.6 million unemployed / underemployed youth who account for 22% of the Labour force as at (Q2 2016) .
The country's governance challenges, poor infrastructures for business and lack of reliable power supply are some of the things that amount to Nigeria's poor economy,
With the proper implementation of all of the content of the economic recovery growth plan, that I believe would resuscitate Nigeria's economy.
Some of the contents are as follows:
-Ensure full implementation of TSA to provide greater visibility to government revenue and cash flow.
-Move Nigeria towards becoming self-sufficient in food production therefore eradicating malnutrition.
-Maintain capital spending at a minimum of 30% in 2016 budget to fund infrastructure spending.
-Efficient railway system to foster unity in cultural diversity via mobility of our people and as well farm produce thereby reducing the burden of residing in a particular region
-Intensify fight against corruption and increase the recovery and repatriation of stolen assets.
-Promoting the rule of law by respecting property right and adhering to legal provisions for transparency and accountability for governments procurement and spending.
-Sign agreement with solar companies so as to add 1.1GW to national grid,
The list is endless.
The power (electricity) problem must be solved. It's a must gentlemen.
With respect to the whole content of the federal government economic recovery growth plan to full implementation, I believe a country like Nigeria just emerging from economic recession would bring its economy back to life thus the contents therein (ERGP) are key to sustainably and flourishing economy.
And a suitable and flourishing economy is a reflection of good governance, it would bring about the reduction in the rate of unemployment and woukd therefore address most of Nigeria's economic problems.
Reference; ministry of budget and national planning
Extractions of economic recovery and growth plan.
In the month of February 2017, the federal government release the economic recovery growth plan to resuscitate the economy of the country, considering the inability of the Nigerian economy to create jobs and achieve real poverty reduction, it is therefore important to examine the economic recovery growth plan presented by the federal government.
It is obvious that the Nigerian economy depends on oil and gas sector to survive as this sector constitute or represent 94% of the export earnings and 62% of the government revenues (Federal and state) though this sector account to just 10% of the GDP but the truth of the matter is, no country can survive by depending only on a particular sector and I believe the recent global fall in the price of crude oil brings about the recovery plan.
The fall in our foreign exchange reserve from as high as USD 58 billion (2008) to USD 3.1 billion (2015) is indeed a bad omen for the Nigerian economy. Therefore diversification is key.
Poverty happens to be the thing of the day as a result of unfavourable economy about 61% of Nigerian population lives on USD 1 or less a day and human development indicator pointing a bleak picture of Nigeria's health and education system and the country's infant mortality rate happens to be the fourth highest in the world as this is caused by malnutrition.
That's a whole lots of Shit for the Nigerian economy.
While all this is happening, Nigeria still doesn't have a road map but with the economic recovery growth plan, I believe Nigeria economy would flourish,
Speaking more about the inequalities in the Nigerian system as a result of poor economy, unemployment is high among youth, the country has 17.6 million unemployed / underemployed youth who account for 22% of the Labour force as at (Q2 2016) .
The country's governance challenges, poor infrastructures for business and lack of reliable power supply are some of the things that amount to Nigeria's poor economy,
With the proper implementation of all of the content of the economic recovery growth plan, that I believe would resuscitate Nigeria's economy.
Some of the contents are as follows:
-Ensure full implementation of TSA to provide greater visibility to government revenue and cash flow.
-Move Nigeria towards becoming self-sufficient in food production therefore eradicating malnutrition.
-Maintain capital spending at a minimum of 30% in 2016 budget to fund infrastructure spending.
-Efficient railway system to foster unity in cultural diversity via mobility of our people and as well farm produce thereby reducing the burden of residing in a particular region
-Intensify fight against corruption and increase the recovery and repatriation of stolen assets.
-Promoting the rule of law by respecting property right and adhering to legal provisions for transparency and accountability for governments procurement and spending.
-Sign agreement with solar companies so as to add 1.1GW to national grid,
The list is endless.
With respect to the whole content of the federal government economic recovery growth plan to full implementation, I believe a country like Nigeria just emerging from economic recession would bring its economy back to life thus the contents therein (ERGP) are key to sustainably and flourishing economy.
And a suitable and flourishing economy is a reflection of good governance, it would bring about the reduction in the rate of unemployment and woukd therefore address most of Nigeria's economic problems.
Reference; ministry of budget and national planning
Extractions of economic recovery and growth plan.
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