Unpacking Nigeria's economic recovery and growth plan

Nigeria's economy has faced various challenges in recent years, including a decline in oil prices, inflation, and foreign exchange shortages. In response, the government introduced the National Economic Recovery and Growth Plan (NERGP) with the aim of revitalizing the economy. The plan, spearheaded by Zina Baméd, the Minister of State for Budget and National Planning, seeks to achieve a growth rate of 7% by 2020, enhance competitiveness, improve the ease of doing business, and diversify the economy away from oil and gas dependence. Key elements of the plan include macroeconomic stability, infrastructure development, and support for small and medium-scale enterprises (SMEs). However, questions have been raised regarding the plan's ability to stimulate investments and drive economic growth. One particular concern is the sustainability of Nigeria's borrowing and the high cost of debt servicing. The government has outlined measures to address these challenges, including refinancing debts and exploring asset sales to reduce borrowing needs. Additionally, efforts are being made to enhance revenue generation through improved tax systems and regulatory reforms.