NIGERIA
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Taking Nigeria To The Next Level Bold economic policies and a vigorous reform drive revive and revitalise Nigeria’s economic growth momentum and help transform its immense potential to wealth. As sub-Saharan Africa’ s largest economy and Africa’s biggest oil exporter with the largest gas reserves on the continent, it may come as a surprise to learn that Nigeria’s economic growth in recent years has also been driven by growth in agriculture, telecommunications and services. In 2017, under President Muhammadu Buhari administration and direction, the nation managed to emerge triumphantly from the recession brought on by the crash in oil prices and production, but, as the National Bureau of Statistics (NBS) has since pointed out, improved oil performance was by no means the sole cause for Nigeria’s economic recovery. The optimisation and implementation of policies and reforms in agriculture, manufacturing and trade sectors has been key to securing the boost in the nation’s economic growth. President Buhari explains: “We rolled up our sleeves, and went to work. We invested massively in agriculture, focused on mining, and gave manufacturing some incentives. We launched the Economic Recovery and Growth Plan (ERGP), kept our focus, husbanded and utilised funds judiciously, and gradually, the
economy started to respond, until it eventually came out of recession.” By 2018, GDP growth had increased to 1.9% and was more inclusive; currently GDP has an estimated growth projection of 2.3% in 2019 and 2.6% in 2020. Empowering Nigeria’s Economy In April 2017, Buhari launched the Economic Recovery and Growth Plan (ERGP) 2017-2020. Its primary objective was to restore growth and build a globally competitive economy through investment in infrastructure and the creation of an enabling business environment. Under an umbrella framework, incorporating 60 national development strategies, the ERGP focuses upon infrastructure, industrial and power sector development and is committed to the investment in human capital, while moving the nation away from an import dependent predicament. The plan also hinges upon the promotion of Science, Technology and Innovation (STI) to push the nation towards a more knowledge-based economy. Over the past few years, power, road and rail projects
