Economic Recovery and Growth Plan: 2017 – 2020

Nigerian economy remains highly import dependent, consumption driven and lacked serious diversification as the Oil sector accounts for more than 95 per cent of exports and foreign exchange earnings while the manufacturing sector accounts for less than one percent of total exports. Majority of Nigerians remain under the burden of poverty, inequality and unemployment with poor economic performance, deplorable infrastructure, corruption and mismanagement of public finances.

The current government recognises that the economy is likely to remain on a path of steady and steep decline if nothing is done to change the direction of travel. Based on this, in May 2015 Government decided to make several efforts aimed at tackling these challenges and changing the national economic trajectory in a fundamental way. Some of the strategies adopted were: tackling corruption, improving security and re-building the economy.

The Economic Recovery and Growth Plan (ERGP) is a medium term plan for 2017-2020 which has been developed for the purpose of restoring economic growth while leveraging the ingenuity and resilience of the people. The ERGP is also consistent with the aspirations of the Sustainable Development Goals (SDGs) given that the initiative addresses its three dimensions of economic, social and environmental sustainability issues.