The Federal government on Tuesday kicked off planned implementation of the Economic Sustainability Plan ESP
Vice President Yemi Osinbajo on Tuesday, hosted a virtual meeting of the Economic Sustainability Implementation Committee to work out details of the implementation, at the Presidential Villa, Abuja.
The Plan entitled “Bouncing Back” was recently approved by the Federal Executive Council FEC and seeks to address the severe downturn in Nigeria’s oil earnings, due to the Coronavirus global pandemic.
Vice President Yemi Osinbajo, while presenting the report, the ESP will take prompt preemptive measures to address Nigeria’s unemployment rate, projected rise to 33.6% or about 39.4 million people by the end of 2020,
NBS had projected that milions of Nigerians will fall into extreme Poverty, before the pandemic ends, unless urgent action is taken to deal with underlying factors
“GDP may fall to between minus 4.40% and minus 8.91%, depending on the length of the lockdown period and strength of our economic response.
The ESP is also working to ensure that Nigeria will henceforth “produce what we eat and consume what we produce”.
“To create millions of new jobs, we need to focus on encouraging local production, local services, local innovation, and emphasize the use of local materials.
The ESP is also exploring ways to encourage Nigerians to produce localy made food, build houses and construct roads, using local materials in all cases.
” If we must import, it must be to support local production”
The Federal government program will encourage mass agricultural Programme, expected to bring between 20,000 and 100,000 hectares of new farmland under cultivation in every State of the Federation and create millions of direct and indirect job opportunities.
Others include extensive Public Works and Road Construction Programme focusing on both major and rural roads and using locally available materials like limestone, cement and granite.
It is also working on a mass Housing Programme to deliver up to 300,000 homes annually, engaging young professionals and artisans who form themselves into small and medium scale businesses within the construction industry, using indigenous labour and materials.
“Installation of Solar Home System, targetting 5 million households, serving about 25 million individual Nigerians who are currently not connected to the National Grid.
Osinbajo said the ESP is also working on support for local production and manufacturing of all that is possible, including tech apps, software, shoes, garments, steel fabrication, ceramics and furniture, with the required capital and essential machinery.
” The provision of ample support for the informal sector through low interest loans and by easing procedures for registration, licensing