FEC approved National Poverty Reduction with Growth Strategy (NPRGS)

 

The Federal Executive Council (FEC) today approved the National Poverty Reduction with Growth Strategy (NPRGS): A strategy for accelerated reduction in poverty through economic growth, redistributive (i.e. Social Protection) programs and shared prosperity. The NPRGS will support the Buhari Administration’s goal of lifting 100 million Nigerians out of poverty within a decade.

The NPRGS is anchored on four pillars: 

1. Macroeconomic stabilization 

2. Industrialization 

3. Structural Policies and Institutional Reforms

4. Redistributive Policies and Programmes (Social Protection)

Another highlight of the NPRGS is a proposal—also APPROVED—for establishment of a Nigeria Investment and Growth Fund #NIGFund, which will invest in commercially viable projects that will promote growth and innovation, enhance local value addition, create employment, promote exports.

It will be structured like a private equity fund & invest in commercially viable projects in priority sectors. The new NIGERIA INVESTMENT AND GROWTH FUND (“NIG-Fund”) will raise financing from DFIs, pension funds, insurance companies, SWFs, private sector investors, family offices, Nigerians in diaspora, endowments etc.

A National Steering Committee (NSC), chaired by VP Yemi Osinbajo, shall be the overarching body for anchoring collaborative efforts across Federal MDAs, States and Local Govts, Development Partners, CSOs and private sector actors, for the implementation of the NPRGS. The Federal Ministry of Finance shall serve as the Secretariat of the Steering Committee, and shall monitor the implementation of the decisions of the Committee.

The NPRGS was developed by the Presidential Economic Advisory Council (PEAC), chaired by Dr. Doyin Salami. Other members include Dr Muhammad Sagagi(Vice Chair); Prof Ode Ojowu 

Dr Shehu Yahaya; Dr Iyabo Masha; Prof Chukwuma Soludo

Mr Bismarck Rewane; and Dr Mohammed Adaya Salisu (Secretary).