Economic Recovery and Growth Plan 2017-2020.

This plan tries to achieve a sustained inclusive growth. It further aims at increasing national productivity and sustainable diversification of production in order to grow the economy, achieve maximum welfare for the citizens with food and energy security. The Plan encourages the use of science, technology and innovation to drive growth. The Plan is to serve as a blueprint for the type of foundation to safeguard future generations. To this effect, it engages the youths and focuses on building their capacities to better equip them to usher in a vibrant future.
The principles driving the Plan include: a focus on tackling constraints to growth like constraints to power and electricity, fuel, foreign exchange, business unfriendly regulations etc; a leverage on the power of the private sector; promote national cohesion and social inclusion; allow markets to function; and uphold core values that define the Nigerian society as enshrined in the Constitution, such as discipline, integrity, dignity of labour, social justice, religious tolerance, self-reliance and patriotism. The Plan has three broad objectives which are to restore growth, invest in the citizens and build a globally competitive economy. To achieve these, the Plan focuses on a combination of factors involving the ensuring of monetary stability, improving the balance of trade, diversifying the economy by relying on agriculture, energy, MSME led growth in industry, the social inclusion of youths and vulnerable members of the society through job creation, empowerment and investment in social programmes, improvement in human capital through investment in health and education, investing in infrastructure, improving the business environment, promoting a digital-led growth, etc. The Plan sets the following key execution priorities with which to achieve the objectives; Stabilizing the macroeconomic environment; Achieving agriculture and food security; Ensuring energy sufficiency (power and petroleum products); Improving transportation infrastructure; and Driving industrialization focusing on Small and Medium Scale Enterprises. The Plan notes that good governance at all levels is essential for the success of the Plan. To ensure good governance, the Plan prioritizes fighting corruption and unethical behavior in public and private sectors and enhancing transparency in the use of public resources, reinforcing public safety and security, reforming the public service by reducing the cost of governance and raising productivity across government agencies and strengthening sub-national coordination by encouraging state and local governments to develop their own corresponding plans and address their respective challenges, visions, needs and aspirations. The Plan expects to develop a number of structural economic changes by 2020 by delivering on certain key outcomes in stabilizing the macroeconomic environment, restoring growth, agricultural transformation and food security, industrializing the economy, etc.