New Telegraph

FG partners private sector to salvage Nigeria’s economy

Analysts

Following the adverse impact of COVID-19 pandemic on the economy, the Federal Government yesterday said that in the next 12 months, it would work in close collaboration with state govern­ments and the private sector to stimulate the economy with the N2.3 trillion Economic Sustainability Plan (ESP).
This the government said would prevent­ the collapse of businesses, guide against economic downturn and recession in the country post COVID-19.
The Vice-President, Prof. Yemi Osinbajo, in a document titled: ‘Bouncing Back: Nigeria Economic Sustainability Plan,’ made available to New Telegraph yesterday, said the N2.3 trillion stimulus fund was targeted at forestalling severe economic downturn and rising unemployment in the country caused particularly by the pandemic.
In the economic sustainability plan document, the vice-president explained that ensuring liquidity, retaining and creating jobs using labour intensive methods in key areas like agriculture, housing, digital business services and direct labour interventions were critical to the administration as a benchmark to stimulate growth in the economy post COVID-19.
Osinbajo said: “It is clear that we must now take urgent steps to forestall a severe economic downturn and the largest unemployment situation yet in our history.
“Consequently, over the next twelve months, the Federal Government will work in close collaboration with state govern­ments and the private sector to stimulate the economy by preventing business collapse and ensuring liquidity, retaining and creating jobs using labour intensive methods in key areas like agriculture, housing, digital business services and direct labour interventions.
“We must also undertake growth-enhancing and job-creating infra­structural investments in roads, bridges, renewable energy, and communication technologies and extend the protection of vulner­able groups, including women and persons living with disabilities, through pro-poor spending.”
According to him, the

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