According to the minister, the ERGP, a new medium-term plan, was designed to combat the current economic crisis, restore growth and ensure sustained inclusive growth.

The ERGP has 59 developed  strategies, of which 12  has been prioritized to boost and sustain economic activities.

The priority strategies are: privatization of ‘selected’ public asset; cutting costs of governance; restoration of crude oil production to 2.2 million barrels per day (mbpd), targeting 2.5mbpd by 2020; investment in critical infrastructure, especially electricity, roads, and railways to support investments; and revamping the country’s refineries.

Others priorities of the ERGP: expansion of social investment programmes; improving the ease of doing business in the country; accelerated implementation of National Industrial Revolution Plan; exports promotion; agricultural transformation; improving skills, and enhancing growth.

Nigeria’s economy relies heavily on crude oil sales. The recent dip in the global price of crude oil, and the resurgent attack by Niger Delta militants on oil facilities  has seen Nigeria sliding into its worst recession in decades with inflation at 18.1% and the Naira sliding to 500 per Dollar at the parallel market.

Last year, the Federal Government submitted a proposal to the Senate, outlining plans to borrow $29.1 billion in a bid to spend its way out of recession.

The proposal was rejected by the National Assembly because no repayment plan was included in the proposal.

Also, a Reuters report last week quoted the African Development Bank, AfDB, President, Akinwunmi Adeshina, as saying the bank held back the last tranche of $1 billion loan for Nigeria.

“We are waiting for the economic policy recovery programme and the policy framework for that,” Mr. Adeshina was quoted as saying, while explaining the reason for holding back the last tranche of loan for Nigeria.