What’s The Best Economic Recovery and Growth Plan For Nigeria?

Nigeria’s economic conditions have deteriorated since the second quarter of 2016. The world thought Nigeria would continue to decline economically if the people didn’t do anything about it. That’s why Nigeria needs an economic recovery and growth plan.

President Muhammadu Buhari has developed the recovery and growth plan as the country’s medium-term plan. The plan will take Nigeria a step closer to economic success if the Nigerian society implements this plan.

What are the problems that the government and society have addressed?

Infrastructure inadequacy is one of the problems in implementing any Nigerian government plans. People in Nigeria have complained about unfinished roads, rails, ports, and other vital infrastructures.

Still, Nigeria’s economic problem is more complex than just a lack of proper infrastructure. The country has faced many other problems. Some examples include mountainous transportation costs, weak foreign exchange rates, and fuel scarcity.

Let’s not forget the job markets in Nigeria are declining. At the same time, Nigeria’s youth populations outnumber the productive-aged citizens. Since the youths have more opportunities in the business world, the government intends to include them in this plan. In other words, the youths should provide more job opportunities.

What are other previous Nigerian government plans, and how do they relate?

Previously, the Nigerian government has implemented two Revolution Plans. They are the National Industrial and Nigerian Integrated Infrastructure Revolution Plans. The government has successfully implemented these two plans. So, the economic recovery and growth plan (ERGP) intends to complete the realizations.

More precisely, ERGP addresses the challenges that the government has observed. On the other hand, it also strengthens the components the government used in the previous plans. Furthermore, ERGP takes United Nation’s Sustainable Development Goals (SDG) into account.

Science, technology, and innovation have always been the Nigerian government’s primary focus in all plans, including ERGP. Additionally, the government also wishes to develop the talents of young Nigerian citizens.

What are things that the Nigerian government prioritizes in the ERGP plan?

The government has formulated several ways to accelerate Nigeria’s economic recovery. Some of them are accelerating non-oil revenues, using agricultural means to secure food supplies, and using renewable energy means.

Nigeria’s Small and Medium Enterprises (SMEs) become the government’s central focus. After all, they don’t only contribute to the recovering economic conditions. Nigerian SMEs can also provide more job opportunities to Nigerian people.

In realizing their plans, the Nigerian government realizes they can’t do it alone. So, they partner with private institutions to develop public transportation. The government also works hand-in-hand with several domestic and multinational companies to realize the objectives.

What do you think about an economic recovery in Nigeria?

On a scale of 0 to 10, how would you rate the government’s ways of implementing the ERGP plan? Can we trust the ERGP? What about the previous two Revolution Plans—what relations do you think they have?

Have you ever thought of other possible plans that will contribute to Nigeria’s recovering economic conditions?

Leave your comments below and let’s discuss together!