By Merit Ibe
The American Business Council (ABC), has congratulated the Federal Government on the new national economic growth blueprint, the Economic Recovery and Growth Plan (ERGP), launched recently by President Muhammadu Buhari.
The council, which promotes Nigeria-America economic partnerships, while endorsing the ERGP, said the objectives and strategies of the growth plan are commendable as it focuses on restoring growth through macroeconomic stability and diversification of the economy.
ABC President, Dr. Lazarus Angbazo, said the economic blueprint also focuses on investing in people through enhanced social inclusion, improved human capital and job creation; and building a globally competitive economy through increased investment in infrastructure, improved business climate and the promotion of digital-led growth.
Angbazo said ABC believes that faithful implementation of the ERGP would turn Nigeria into a veritable competitive global economy, adding that while ERGP remained laudable, more details about how to attain its objectives/outlook with action timelines needed to be provided as soon as possible.
He said: “The member-companies of ABC support the Federal Government’s vision for focused implementation of economic blueprint and are committed to active partnership with the government for success of the EGRP. It should also be realised that a plan is as good as its implementation.
“But the desired economic recovery and growth cannot be attained by the government alone, as this requires partnership and accountability by both government and the private sector. Government needs to create the necessary business-friendly environment to empower the private sector to invest in the critical sectors – agriculture, power, manufacturing, solid minerals, transportation and services.
“In this connection, the plan to fully align monetary, fiscal and trade policies will support achievement of the stable macroeconomic environment.”