THE Centre for Economic Policy Analysis and Research (CEPAR) of the University of Lagos has assessed the level of progress in the implementation of the Economic Recovery and Growth Plan (ERGP) from 2017-2019.
The findings of the ERGP progress was disclosed at a webinar on assessing the Economic Recovery and Growth Plan (ERGP): A Stakeholder Perspective (2017-2019) on Saturday.
The study showed that different projects intended to be implemented in line with the dictates of the initiative suffered setbacks.
However, economists from the centre assessed the three broad strategic objectives of the ERGP and made suggestions from their findings to aid the progress of the plan.
The News Agency of Nigeria (NAN) reports that the independent assessment of ERGP was carried out by CEPAR and funded by the University of Lagos (UNILAG) Central Research Committee (CR No 2018/21).
The study of the 102-page report focused on Lagos State as a case study.
This is because of the uniqueness of Lagos as the commercial capital of Nigeria as well as its position as the melting pot of virtually every culture, persons and professions in Nigeria.
Dr Babatunde Adeoye, while appraising the ERGP and stakeholders perspective on the enhancement of economic growth and diversification in Nigeria, called for the strengthening of the institutions and policy formulation process.
Adeoye, an Economics Professor at UNILAG, said that doing so would enhance effective policy implementation and the fast-tracking of economic growth and diversification processes in Nigeria.
“Although economic growth was sustained, it fell short of the desired ERGP growth target for the economy.
“The growth has not trickled down to improve the life of the common man, besides, the stakeholders bemoaned the ERGP planned ability to restore growth and spur diversification.
“This is as they did not witness considerable improvements in enabling factors enhancing growth and the development of the Agricultural and Industrial sector.
“Dearth of modern infrastructure across the country posed a challenge to the restoration of economic growth,’’ he said.
Dr Mautin Oke of the Department of Economics and Distant Learning Institute, UNILAG, evaluated government’s programme on investing in the people as well as the stakeholders’ perspective on same.
He urged government to run an inclusive government.
According to him, education, healthcare facilities and programmes should be its priorities.
Also, Mr Onyebuchi Iwegbu, Department of Economics, UNILAG, spoke on stakeholder’s assessment of the enhancement of the competitiveness of the Nigerian economy through the ERGP.
Iwegbu urged governments to focus on developing a conducive macroeconomic environment and setting institutional framework that would allow businesses to thrive and compete with their global counterparts.
He said that a conducive macroeconomic environment would enhance the competitiveness and operational efficiency of the economy.
“It is also important that the government create enabling environment for these businesses.
“The basis is the provision of infrastructure that will drive the economy both physical infrastracture as well as technology.
“The Monetary authority will also need to increase and improve the aggressiveness toward stimulating credit facilities to this particular sector.
“So that they can leapfrog from the current situation they are and be able to improve on their business dealings,’’ he said.
Earlier, Prof. Ndubisi Nwokoma, the Director of CEPAR, said the specific objectives of the study were to identify and categorise key stakeholders whose actions were affected by the plan.
He said it sought to identify and understand stakeholders’ interests and their key roles in the implementation of the plan, among others.
The director said that the methodology used for the study was a two- pronged approach.
“First, exploratory research design was used to compare the actual performance of the economy against the projected performance rate of the ERGP.
“Stakeholders’ perspectives were obtained through a survey research design using the Lagos State,” he said.
The CEPAR director added that purpose sampling technique was employed to select the samples.
According to Nwokoma, the study covers the five divisions of Lagos State, involving 10 out of 20 Local Government Areas, to reflect the state’s urban, sub-urban and the rural area features.
– June 12, 2031 @ 17:15 GMT /