The American Business Council (ABC) has congratulated the Federal Government on the new national economic growth blueprint, the Economic Recovery and Growth Plan (ERGP), launched recently by President Muhammadu Buhari.
The Council, which promotes Nigeria-America economic partnerships, while endorsing the Economic Recovery and Growth Plan, said the objectives and strategies of the ERGP are commendable: restoring growth through macroeconomic stability and diversification of the economy.
President of the ABC, Dr. Lazarus Angbazo, commented that the economic blueprint is also focused on investing in people through enhanced social inclusion, improved human capital and job creation; and building a globally competitive economy through increased investment in infrastructure, improved business climate and the promotion of digital-led growth.
Angbazo added that the ABC believes that faithful implementation of the well-articulated ERGP will turn Nigeria into a veritable competitive global economy. He said while ERGP is laudable, more details about how to attain its objectives/outlook with action timelines need to be provided as soon as possible.
He said, “The member-companies of ABC support the Federal Government’s vision for focused implementation of EGRP and are committed to active partnership with the FGN for success of the EGRP. It should also be realised that a plan is as good as its implementation.”
Angbazo further praised, “The recognition in the plan that the desired economic recovery and growth cannot be attained by the government alone, as this requires partnership and accountability by both government and the private sector. Government needs to create the necessary business-friendly environment to empower the private sector to invest in the critical sectors – agriculture, power, manufacturing, solid minerals, transportation, services, etc.
“In this connection, the plan to fully align monetary, fiscal and trade policies will support achievement of the stable macroeconomic environment and the desired growth.”
Furthermore, Angbazo noted that the commendable efforts of the Presidential Enabling Business Environment Council to enhance the ease of doing business in Nigeria. These will go a long way in empowering businesses to contribute to the much-desired private sector-led economic development.
He also welcomed the Federal Government’s expressed intention in ERGP to achieve a stable, market-reflective, and competitive exchange rates by improving the operations and liquidity of the foreign exchange market.
This, he said, will improve planning and investor confidence, noting that the strengthening of the value of the Naira and the increased inflow of foreign currency validate the recent partial liberalisation of the exchange rate management by the Central Bank of Nigeria.
Angbazo urged the Federal Government to continue close coordination with state governments to enable both tiers of government to be fully aligned on the path to growth and success of ERGP.