Stakeholders say lack of will is bane of new economic plan

Nigeria economy. PHOTO:

Stakeholders have raised concerns over the feasibility of the projections, as well as implementations of the long-awaited Economic Recovery and Growth Plan (ERGP).

The mixed feelings came just as stakeholders admitted that the document was no exception to the country’s collection of economic plans, which ended up not being implemented and overstated.

Abuja-based Development Consultant, Jide Ojo, while commending the release of the document, lamented that it is now scripted to fight recession rather than avoidance and growth of economy from the beginning.

He said the document is filled with niceties, sound-bites and desirable action plans, but warned that past experiences have shown that we are long on rhetoric, but always short on delivery of all our noble plans.

He cited Vision 2010, National Economic Empowerment and Development Strategy, Vision 20:2020 and even all the country’s earlier development plans in the 60s and 70s that were badly implemented.

Also, Lukman Otunuga of the Cyprus-based FXTM, described the plan as “highly optimistic”, that is capable of renewing hopes with a successful process of critical structural transformation.

He however, said Nigeria must pursue stable macroeconomic environment, agriculture and infrastructure development to promote sustainable economic growth.

He warned that implementation, continuity of policies and clear policy framework would be the critical consideration too.

Again, an economist and banker, who would not want his name in print, told The Guardian that “it is not the first time there would be such a fantastic proposition. In fact, Nigeria is not short of bright minds and ideas. The crux of the matter is faithful implementation and that is why everyone will be waiting to see how this policy will pan out.”

The Managing Director and Chief Executive Officer of Cowry Asset Management Limited, Johnson Chukwu, see the document as full of ambitious figures that are doubtful.

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