Minister affirms Federal Government’s commitment to economic recovery, growth plan

Despite exiting recession, a lot is still required by the Federal Government to realise the full promise of the Economic Recovery and Growth Plan (ERGP), which will have a rapidly growing economy with diversified sources of growth and increased opportunities for all Nigerians.

The Minister of Budget and National Planning, Senator Udoma Udo Udoma, who said this on Monday, at the opening ceremony of the Nigeria Institute of Social and Economic Research (NISER) strategy retreat, at the Training and Conference Centre, Ogere, Ogun State, said government’s work is not complete until it has realised the country’s full potential as a major player in the world economy.

He added that the ERGP would ensure a socially inclusive economy that reduces poverty and creates jobs annually.

While assuring of Federal Government’s resilience to attaining seven per cent growth rate by 2020 from the negative trend in 2016, he said ERGP will propel the country to the path of strong, diversified, inclusive and sustained growth. Consequently, Nigeria will be firing on multiple engines of agriculture, manufacturing, solid minerals, services and others, not just a single engine of crude oil production.

Udoma noted that NISER has a great role to play in that area, as the ERGP recognises the need to leverage Science, Technology, innovation and build a knowledge based economy.

“As you know, no nation can truly attain great heights without well-grounded research findings that can guide policy makers in their decision making. The basis of any knowledge society is constant innovation and new discoveries, which can only come through sound research. There is close connection between utilisation of research outcomes and the pace of a nation’s socio-economic development.

“NISER was set up to be the premier think tank economic research institute for Nigeria. And NISER is expected to consistently generate credible knowledge through quality research, conduct specialised training and consultancy services, while interacting with relevant segments of the society in the task of national development. NISER therefore clearly has an important role to play in the actualisation of the ERGP,” he said.

Udoma stressed that the Federal Government is in support of measures currently being put in place by the Director-General, Dr. Folarin Gbadebo-Smith, towards repositioning NISER for effective delivery of its mandate.