Business
Minister Seeks Support For Economic Recovery Plan
The Minister of Budget and National Planning, Sen. Udoma Udo Udoma, has urged Nigerians to support the Federal Government’s Economic Recovery and Growth Plan (ERGP) to enable it succeed.
Udoma made the call while receiving delegates of the National Institute for Policy and Strategic Studies (NIPSS), led by the Course Leader, Policy Strategy and Leadership, Mr Asipita Umar, yesterday, in Abuja.
According to the minister, a lot of work still needs to be done to convert the ERGP into action, adding that the support of NIPSS and every Nigerian will go a long way at ensuring this.
“Your support and your input is very important for the success of this plan. The input of every Nigerian is important, we want this plan to be owned and internalised by every single Nigerian.
“It is only when we operate it collectively, when we all accept it well within its confines, when we are propelled by the desire to make this plan work that it will work.
“We believe that when we work together, we will succeed.
“As a government, we will show the way. As a government, we will give the leadership but the success depends on all of us working collectively,’’ Udoma said.
It would be recalled that the ERGP was inaugurated by the president to help stimulate production, stimulate domestic and foreign trade, and strengthen key sectors of the economy.
On the ERGP, the minister explained that an extensive consultation was carried out before the plan was put in place to ensure that things improved in the country.
“The plan was built since the inception of this administration, it was not made in one day, we brought together various plans in one document for ease of access.’’
According to him, the implementation of the plan also started from the inception of the plan as it is a continuous process.
“We are producing a further detailed implementation roadmap that sets out the strategy broken into component activities and actions with each action supported by clearly assigned responsibilities.
“We are also setting up a delivery unit in the Presidency and beefing capacity in this unit, and we also have a special tax force.
“This tax force has been working on the production of rice, power sector and solid minerals, and that is why we have seen improvements in some of these areas.’’
Udoma said the government was mandated to ensure an inclusive growth and that was why government was embarking on social intervention programmes “to bring our people out of poverty’’.
“We want to harvest the ideas of Nigerians and use them to transform our economy.’’
Udoma urged Nigerians to ensure that in all their endeavours, they think of ways of adding value to the country so as to help transform the country’s economy.
“We must go back and add value. If every Nigerian should think of that, the economy will be entirely transformed; we will become the leading economy that is the engine of Africa.’’
The minister commended the management of NIPSS for supporting government’s programmes and policies, and urged them to continue in their efforts.
“I am always impressed by the work of the institute. It is easily one of the foremost think-tanks that look at current issues in order to come up with actionable ideas.
“The reason why it is well placed is that it consists of practitioners, people working in government and in the private sector, so, it is not an academic exercise.
“People who are experienced should bring their experience to bear, spend time away from their day-to-day affairs to reflect on the issues and problems of the country.
“I commend the institute for all the work they are doing.’’
“Payment of tuition fees for undergraduate/postgraduate studies shall be subject to a maximum limit of $25,000.00 per semester,” the Manual states.
The expansion of international card limits also reflects growing confidence among lenders that foreign exchange liquidity has improved enough to support retail dollar transactions.
Speaking recently at the BusinessDay 14th Annual CEO Forum in Lagos, CBN Olayemi Cardoso, governor of the CBN said buying and selling activities now increasingly determine outcomes in the foreign exchange market, unlike in the past when market participants relied heavily on routine Central Bank interventions.
According to Cardoso, Nigeria’s net foreign exchange reserves have risen from just over $3 billion at the start of the reform programme to more than $40 billion, while gross reserves have climbed to about $52 billion, providing stronger confidence for investors and enabling the Central Bank to reserve interventions for periods of market stress rather than day-to-day liquidity management.
The restoration and expansion of international naira card spending limits are increasingly being seen as one of the clearest signs that the benefits of the CBN’s foreign exchange reforms are beginning to reach households, students and businesses making legitimate cross-border payments.
The Secretary-General and Chief Executive Officer, WEC, Dr Angela Wilkinson, disclosed this in a statement, last Thursday.
“Nigeria’s participation comes at a pivotal time as the country seeks to expand energy access, strengthen energy security, accelerate gas development and mobilise the capital required for industrialisation and sustainable economic growth.
“WEC Nigeria will convene leaders from across the energy ecosystem, apply the WEC’s globally recognised Energy Trilemma framework to Nigeria’s unique context, and promote evidence-based dialogue, practical collaboration and informed policymaking.
“It will also ensure that Nigerian and broader African perspectives contribute meaningfully to global energy conversations,” she said.
Wilkinson expressed confidence that Nigeria would play a significant leadership role at the World Energy Congress scheduled for Riyadh in April 2027 and beyond.
The statement also quoted the Chairman of WEC Nigeria, Isa, as describing the country’s participation as an opportunity to deepen national and African leadership within the global energy community through practical solutions tailored to regional development priorities.
He said the platform would promote collaboration across sectors and attract sustainable investments into Nigeria’s energy sector.
The Chief Executive Officer of WEC Nigeria, Wunti, was quoted in the statement as saying that the council would connect leadership, evidence and investment to build a secure, affordable and sustainable energy system.
“This system will be capable of driving economic growth and shared prosperity.”
According to him, the platform will also connect Nigerian institutions and businesses with international knowledge, technology, partnerships and investment opportunities through the World Energy Council’s global network.
Recall that WEC, founded in 1923, is the world’s oldest independent and impartial community of energy leaders and practitioners, advancing informed, collaborative and practical action across the global energy system.
