Nigeria Launched Recovery Plan for Economic Growth

The government of Nigeria has introduced its master plan to take off the recession with hopes of reaching 7.0% increase after three years, however, experts deemed that the target seems high to hit. The detailed outline of the plan was released on Monday including the possible programme of the oil giant in Western Africa to recover from the worst economic depression in 25 years.

John Ashbourne, an economist at the consultancy Capital Economics, said that one of the main considerations written in the document is the African Development Bank and World Bank to lend some money to the country since these banks provide borrowing plans.

The objective of the recovery plan is to diversify the economy by utilizing major industries inclusive of agriculture and energy as well as expanding production for oil up to 2.5 million barrels a day (BPD). As of this writing, the production arrives at 1.9 million bpd. The administration further initiated extensive projects for infrastructure aiming to improve transport system throughout the entire nation. Part of the goal is to improve the Gross Domestic Product with a 4.6% average until the year 2020 as the forecasted growth is at 7.0%.

Moreover, the global prices for oil have seen declined following the cut in revenue due to the Nigerian economy dependence from crude products. The naira established a weaker position and triggered inflation to beef up by 20%.