Discourse on the ERGP and Nigeria’s Economic Growth

Proshare

Monday, September 10,2018 6:30PM / Proshare WebTV 

In a recent interview with Proshare WebTV on the state of the Nigerian economy, Dr.Biodun Adedipe a notable economist shared his perspective on the Economic Recovery and Growth Plan, and developments in key sectors of the economy. 

According to him, when it comes to the Economic Recovery and Growth Plan, the first thing to understand is that this plan is for the entire country.  

He asserted that when an economic plan is developed for the entire country, the sub national entities that make up the country should also be part of the plan.

The CEO of Biodun Adedipe and Associates looking at the ERGP said “When you talk about implementing the plan estimated for $24.13billion and when implementing the plan, it is expected that government will contribute 20% and 80% will come from the private sector”  

Giving further insight he noted that it will not be left alone for the Federal Government as it is not about federal government only, but also the states and local governments. 

On driving the ERGP Implementation, he posits that from the cost analysis, the plan should focus on it programs and projects. 

Adedipe was of the view that the ERGP is phased into projects, there will be specifics which will become easier to encourage private sector investments. 

The economist harped on the need for the private sector to be incentivized to pick on which projects they want to do.

“Even at that point also every state governments will be able to identify projects that fall within his own area, in terms of either resource endowment, natural, human, and technology. It becomes easy for every stakeholder whether public or private to connect to the plan” he said. 

“I think that is what the joint board plan is working on. Every Nigeria should see it as our plan and not just the Federal Government plan”. Adedipe said  

Assessing the recent Q2 GDP 2018 economic report, Adedipe said “When we look at that the last GDP reports 1.5% growth. It recorded slow growth in Agriculture, manufacturing and other key sectors that we expect to see stimulate our economy.  

The economist said, “if you also look at the GDP for the Q2 of 2018, the real growth was driven by the services sector and services are meant to build upon the foundation of Agriculture to start with, then you build manufacturing on agriculture and services come on top of those two”.

Speaking further Adedipe believed that is the way development has gone with every advanced economy we see today. 

“Until we give good attention to Agric and Manufacturing we may not get inclusive growth that we desire” he said.

 

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Discourse on the ERGP and Nigeria’s Economic Growth 

 

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