Nigeria’s Economic Growth and Diversification: An Appraisal of the Economic Recovery and Growth Plan and Stakeholders' Perspectives
- Ndubisi I. Nwokoma
- Babatunde W. Adeoye
- Babatunde Oke
- David M. Oke
- Taiwo V. Ojapinwa
- Anthonia T. Odeleye
- Onyebuchi Iwegbu and Aminat Eniayewu
- ( paper pages. 253 - 285 )
Abstract
In the quest to
enhance economic recovery and sustained growth economic diversification in
Nigeria, the medium-term plan, the Economic Recovery and Growth Plan (ERGP),
for the 2017 to 2020 period was launched. Using an analytical and survey
research design methodology, this study is a mid-term assessment of the
performance of the ERGP, covering the first two years of implementation in
terms of its projections for key economic indicators as well as the
perspectives of relevant stakeholders such as market women, traditional
institutions, youths, and public servants, among others. First, the study evaluates
the validity of the projections of the ERGP, benchmarked against actual
official data over the relevant period; and second, assessed the performance of
the Plan at the project and community level through a survey of stakeholder
perspectives in Lagos State, largely regarded as the country’s commercial
capital as well as a melting pot of all ethnicities in Nigeria. The main
finding shows that the ERGP forecasts for real GDP growth rate fell short of
the actual National Bureau of Statistics values for the entire plan period
under review, from the first quarter of 2017 to the third quarter of 2019, with
the gap widening beyond the fourth quarter of 2017 such that by the second quarter of 2019, the ERGP target
of 4.5% was higher than the actual official value of 2.28%. Also, the
stakeholders'perspectives survey indicates that less than 30% of the
respondents expressed pleasure in the exchange rate and other macroeconomic
indicators. Therefore, a mid-stream re-evaluation of the policy implementation process
in Nigeria will enhance plan performance. The ERGP can thus benefit from this
review to assist in fast-tracking Nigeria's economic growth and diversification
processes.
Citation
Ndubisi I. Nwokoma, Babatunde W. Adeoye, Babatunde Oke, David M. Oke, Taiwo V. Ojapinwa, Anthonia T. Odeleye, Onyebuchi Iwegbu and Aminat Eniayewu.
2022.
"Nigeria’s Economic Growth and Diversification: An Appraisal of the Economic Recovery and Growth Plan and Stakeholders' Perspectives"
The Nigerian Journal of Economic and Social Studies,
64 (2): 253 - 285.
JEL Classification
E61; O21; O40; O11
