The Minister of State, Budget and National Planning, Prince Clem Agba has disclosed in a meeting with the Ambassador of Japan to Nigeria, Mr Yutaka Kikuta that the Economic development and growth plan (ERGP) is going to be replaced by a 10-year national development plan.
The director of information in the ministry of budget and national planning, Victoria Agba-Atteh said that there has been an exceptional advancement in the federal government’s attempt to improve the Nigerian economy.
Prince Clem Agba said in his speech that the 10-year national development plan will be divided into two 5-year medium-term plans that the annual budget would be drawn from. The new 10-year national development plan is supposed to be better than the Economic Development and Growth Plan (ERGP) that was launched in April 2017 with objectives that seemed sound and possible at the time.
There were plans to; 1, Stabilize the macroeconomic environment and reduce inflation. 2, Utilize the agricultural sector in achieving food security and create jobs. 3, Improve on the transportation infrastructure. 4, Ensuring sufficient energy. 5, Drive industrialization with focus on small-medium enterprises (SMEs).
In the meeting, Mr Yutaka Kikuta, the Japanese ambassador to Nigeria gave praise to the President, Muhammadu Buhari and the federal government saying that they were on the right track to economic recovery and sustainability.