FG: Our target is to grow the economy by additional 7% by 2020
The Federal Government says it is targeting a seven percent additional growth of Nigeria’s economy in the next 18 months.
Speaking yesterday at the Financial Times summit which held in Lagos, Minister of Budget and Planning, Senator Udoma Udo Udoma while delivering a lecture ‘Achieving Economic Resilience and Growth in Nigeria’, said massive investment from the private sector was needed to achieve this.
According to the minister what government did was to launch the Economic Recovery Growth Plan (ERGP) in 2017, to further boost the economy, and it had three-prong objectives-Restoring and sustaining growth, building a competitive economy, and Investing in Nigerians.
He said out of the 60 strategies to achieve the ERGP, the Federal Government identified five critical areas, which where important to put Nigeria in the path of growth with the bottom line being industrialisation through Small and Medium Enterprises (SMEs).
The ERGP plan was designed to deliver a resilience and more prosperous economy where we grow what we eat and consume what we need and raise the productivity of Nigeria and Nigerians so that we can become a major engine of production, where we can produce for ourselves and for export to neighboring countries and beyond,” he said.