Economic Recovery Programmes of Buhari’s Administration as Developmental Stage Paradigm

Abstract

The Federal Government of Nigerian launched an economic development plan which is called the Economic Recovery and Growth Plan (ERGP) in 2016. The ERGP is a medium term economic framework that is meant to resuscitate the Nigerian economy that has gone to recession back to sustainable development, accelerated development and restore economic growth in the medium term. The development plan is a very wonderful plan if it can be well implemented but, the presence of
inherent and emerging risks poses significant uncertainty over the prospects of a successful implementation of the plan (Kyarem, R. N. & Ogwuche 2017). The paper employed introspective and retrospective methodology and inductively and deductively arrived at conclusions. This paper identifies the extent to which the policy serves as a developmental stage paradigm. The paper concludes that the ERGP is a needed reform that have set developmental stage paradigm for Nigeria as a whole and the risks capable of frustrating it must be tackled. It is suggested that the Nigerian economy should be restructured, Monetary and fiscal policy sustainability should prevail, and the ERGP should be reviewed and updated annually. Finally effective monitoring and evaluation to ensure that the plan is well implemented should be continuous and a routine.