Business
Economic Summit: Minister Assures On ERGP Implementation
Minister of Budget and National Planning, Senator Udo Udoma has said that Federal Government was committed to the faithful implementation of the Economic Recovery and Growth Plan (ERGP) 2017-2020.
ERGP was launched by President Muhammadu Buhari on April 5.
Udoma said this in Abuja at the opening of the 23rd Nigerian Economic Summit (NES) with the theme “Opportunities, Productivity and Employment; Actualising the ERGP’’
He said that so many Nigerians had expressed concern about whether the plan would be properly implemented, given Nigeria’s past record with previous plans.
“I appreciate these concerns. This Government is committed to the faithful implementation of the ERGP.
“It is for this reason that this year’s Summit is dedicated to the implementation of the ERGP.
“ We cannot and must not allow it to fail.
“At this Summit, we will be expecting the active participation of all the private sector persons gathered here in reviewing and strengthening our implementation strategies,’ the minister said.
Udoma said the summit would give an opportunity for the gathering of captains of industry and influential members of the private sector to contribute toward the effective implementation of the ERGP.
He said that the Federal Government would ensure that annual budgets align with the ERGP so that government spending would be driven by the plan.
The minister said that the government had set up a special implementation unit to ensure effective delivery of the Plan and had also engaged staff to drive the process.
“In the coming weeks, we will be running sector-focused Malaysian style labs.
“The labs are intended to bring all relevant stakeholders into weeks of intensive working sessions, to brainstorm on practical steps to overcoming identified challenges in the selected area.
“The central objective of the labs will be to bring in private capital to finance projects across the country.
“We will be inviting many of you to participate in these labs.
“ Some of the staff we have retained will be available in the course of the Summit to interact with you and give you more information on the proposed labs as well as all our implementation initiatives.
Also, Mr Kyari Bukar, Chairman of Nigerian Economic Summit Group (NESG) said the summit had become a platform to discuss and understand economic policies in the country, for the past 23 years.
Edun made the call while speaking at the 2025 Fellowship Investiture of the Chartered Institute of Bankers of Nigeria (CIBN) in Lagos, where he reaffirmed the federal government’s commitment to sustaining ongoing reforms and expanding access to finance as key drivers of economic growth beyond four per cent.
“We all know that monetary policy under Cardoso has stabilised the financial system in a most commendable way. Of course, it is a team effort, and those eye-watering interest rates have to be paid by the fiscal side. But the fight against inflation is one we all have to participate in,” he said.
The minister stressed the need for banks to broaden credit access and finance innovation-driven enterprises that can create jobs for young Nigerians.
“The finance and banking industry has more work to do because we must finance their ideas, deepen the capital and credit markets down to SMEs. They should not have to go to Silicon Valley,” he said.
The minister who described the private sector as the engine of growth, said the government’s reform agenda aims to create an enabling environment where businesses can thrive, access funding, and contribute meaningfully to job creation.
The facility, known as the Nigeria Actions for Investment and Jobs Acceleration (P512892), is a Development Policy Financing (DPF) operation scheduled for World Bank Board consideration on December 16, 2025.
According to the Bank’s concept note , the financing would comprise $500m in International Development Association (IDA) credit and $500m in International Bank for Reconstruction and Development (IBRD) loan.
If approved, it would be the second-largest single loan Nigeria has received from the World Bank under President Bola Tinubu’s administration, following the $1.5 billion facility granted in June 2024 under the Reforms for Economic Stabilisation to Enable Transformation (RESET) initiative.
The World Bank said the new programme aims to support Nigeria’s shift from short-term macroeconomic stabilisation to sustainable, private sector–led growth.
“The proposed Development Policy Financing (DPF) supports Nigeria’s pivot from stabilization to inclusive growth and job creation. Structured as a two-tranche standalone operation of US$1.0 billion (US$500 million IDA credit and US$500 million IBRD loan), it seeks to catalyse private sector–led investment by expanding access to credit, deepening capital markets and digital services, easing inflationary pressures, and promoting export diversification,” the document read.
The document further stated that Nigeria’s private sector credit-to-GDP ratio stood at only 21.3 per cent in 2024, significantly below that of emerging-market peers, while capital markets remain shallow, with sovereign securities dominating the bond market.
To address these weaknesses, the DPF will support the implementation of the Investment and Securities Act 2025, operationalisation of credit-enhancement facilities, and introduction of a comprehensive Central Bank of Nigeria rulebook to strengthen risk-based regulation and consumer protection.
The operation also includes measures to deepen digital inclusion through the passage of the National Digital Economy and E-Governance Bill 2025, which will establish a legal framework for electronic transactions, authentication services, and digital records.
Beyond the financial and digital sectors, the programme targets reforms to lower production and living costs by tackling Nigeria’s restrictive trade regime. High tariffs and import bans have long driven up consumer prices and constrained competitiveness, particularly for manufacturers and farmers.
Under the proposed reforms, Nigeria would adopt AfCFTA tariff concessions, rationalise import restrictions, and simplify agricultural seed certification to increase the supply of high-quality varieties for maize, rice, and soybeans. The World Bank projects that these measures will help reduce food inflation, attract private investment, and enhance export potential.
The operation is part of a broader World Bank FY26 package that includes three complementary projects—Fostering Inclusive Finance for MSMEs (FINCLUDE), Building Resilient Digital Infrastructure for Growth (BRIDGE), and Nigeria Sustainable Agricultural Value-Chains for Growth (AGROW)—all focused on expanding access to finance, strengthening institutions, and mobilising private capital.