Policy Brief & Alerts
August 22, 2017
An Analysis Of The Nigerian Economic Growth And Recovery Plan
This Paper examines the response of the Nigerian government to the ongoing recession in
the domestic economy, particularly in the context of the recently released Economic
Recovery and Growth Plan (ERGP) for 2017-2020. It also provides an analysis of
key questions regarding the suitability, achievability, and prospect of the
ERGP. The second section of the brief runs through the state of the Nigerian
economy with a focus on the cause and drivers of the ongoing recession. The
third section reviews the objectives, implementation strategy, and expected
outcomes of the ERGP over the medium-term. The fourth section weighs on the
potentials of the ERGP by analyzing some pertinent questions: Is the proposed
recovery plan and policies well-targeted to address prevailing economic crises
in Nigerian economy?
Related
Nigeria Economic Update (Issue 6)
The
nations foreign reserves have been on a steady rise. In the review week,
reserves increased by $415.2 million from $28.3 billion on February 3, 2017 to
$28.8 billion on February 10, 2017. The increase is likely the
reflection of a sustained crude oil revenue complemented by moderating global
crude oil price and increasing domestic production. This should help strengthen
the ability of the CBN to foster forex liquidity, and thus help maintain
stability in the domestic forex market. If sustained, it should also help
improve the value of the naira overtime. Hence, the government should implement
proactive and effective policy strategies to, not only, sustain improvements in
oil revenue but also boost non-oil revenue.