The Economic Sustainability Plan put up by a Committee led by Vice President Yemi Osinbajo, which was submitted to President Buhari last Thursday has received commendation from the Global Economic Policy Initiative (GEPIn).
It described the plan as “well-hatched” and “timely,” especially given the current fears over Nigeria’s economic prospects post-COVID.
The group in a statement signed by its Chairman, Bernard Okri, stated that there were genuine fears and concerns how Nigeria’s economy would fare in a post-COVID world, but that the proposal submitted to the President by Vice President Yemi Osinbajo had assuaged most of these fears.
“The dedication of the Committee, led by Professor Osinbajo is commendable – more commendable is that their submissions came in at the right time. Nigerians across the country are genuinely worried and concerned about the economic climate post-COVID 19. This document has assured many, if not most of us that the government has a good plan, one in the right direction in fact.
The group noted that the Committee was a robust and inclusive one and thus was able to produce an all encompassing document.
“This document is an assurance to Nigerians that they have nothing to worry about. It assures of growth and a resilient economy despite the pandemic.
“The philosophy behind the document is that Nigeria consumes what it produces – this is something we as a group have constantly stressed for years.
“This ultimately means improving and funding our local industries to meet the country’s production deficit in critical sectors. This the document proposes, as well as boosting our manufacturing capacity – an endeavour we should long have embarked on when the country was earning its most under previous administrations.
“Pumping more money into agriculture and infrastructure is proposed, so as ti act as conduits to funnel funds into the economy. This is a very welcome proposal. As the country fears a recession, the fundamental way out is to put in more funds into critical sectors that would serve as boosters to other dependent sectors.” GEPIn noted.
The group stated that the proposal targets 10s of millions of Nigerians and its implementation would be critical if the country’s economy must survive post-COVID-19.