Wednesday, February 15, 2017 07.29 PM / Exclusive
The Economic Recovery & Growth Plan (ERGP) is guided by five overarching principles.
1. Focus on tackling constraints to growth:
Economic growth in Nigeria faces various supply constraints including fuel, power, foreign exchange, and even business unfriendly regulation. This Plan focuses on overcoming and resolving these input challenges.
2. Leverage the power of the private sector:
Economic recovery and transformative growth cannot be achieved by the government alone. It is essential to harness the entrepreneurial nature of Nigerians, from the MSMEs to the large domestic and multinational corporations.
3. Promote national cohesion and social inclusion:
The ultimate beneficiary of more inclusive growth is the average Nigerian man and woman. This Plan ensures social inclusion in its initiatives with the end goal of strengthening national cohesion.
4. Allow markets to function:
The ERGP recognizes the power of markets to drive optimal behaviour among market participants. The Plan prioritizes the use of the market as a means of resource allocation where possible and supports a more business friendly economic environment.
5. Uphold core values.
The ERGP is rooted in the core values that define Nigerian society and are enshrined in the 1999 Constitution, notably discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism. It requires all citizens and stakeholders to adhere to these principles in the bid to reposition and grow the economy in a sustainable manner.