The Economic Sustainability Committee, chaired by Vice President Yemi Osinbajo, was inaugurated by the president on March 30 2020, in response to the threat of the most severe economic downturn in the nation’s history, largely caused by the COVID-19 pandemic.
The committee was specifically charged with the responsibility of developing a clear Economic Sustainability Plan in response to challenges posed by the COVID-19 pandemic, and to propose monetary policy measures in support of the plan, among others.
"I'm pleased to hear that the Economic Sustainability Committee consulted with all the National Economic Councils and the National Assembly, and I look forward to our continued partnership with one focus to implement what I consider a national plan." - *President Muhammadu Buhari*
*Takeaways from the Report:*
- Increased Focus on local production, local services, local innovation, and increased use of local materials in production.
- A Mass Agricultural Programme; which is 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.
- Extensive Public Works and Road Construction Programme focusing on both major and rural roads and using locally available materials like limestone, cement and granite to reduce importation cost.
- 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, targeting 5 million households, serving about 25 million individual Nigerians who are currently not connected to the National Grid.
- 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.
- Provision of ample support for the informal sector through low interest loans and by easing procedures for registration, licensing, obtaining permits, etc. By these means, urban and informal business people like mechanics, tailors, artisans, and petty traders, will be encouraged to improve and develop their services.
- Support for MSMEs, especially in assisting to restructure their loans with banks. Among others, this will assist businesses in the pharmaceutical, aviation, hotels and the hospitality industry, private schools, road transportation, technology companies, and the creative industry, amongst others.
- Facilitation of broadband connectivity across the country and creation of a wide variety of technology and ICT jobs.
- Expansion of the Social Investment Programme, through an increase in the number of cash transfer beneficiaries, N-Power volunteers and sundry traders enjoying small and micro loans through the MarketMoni and TraderMoni schemes.
-Extension of the pre-existing conditional cash transfer to cover a larger number of the extremely poor.
- Reduce dependency in oil and focus on Agriculture and local content.
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