Nigeria: Engaging Private Sector in ESP Implementation

13 August 2020

The federal government's Economic Sustainability Plan (ESP) initiated in response to the economic challenges caused by COVID-19 through support for local businesses and jobs creation to protect the vulnerable is highly commendable.

Government should tap into the huge job creation potential in the private sector in its efforts for Nigeria's economic growth and development.

The new government's initiative on housing under the Economic Sustainability Plan (ESP), is also laudable. They have an enormous task ahead and should provide an enabling environment for a private sector driven economy to thrive.

Private sector driven economy will help the government to accelerate the economy, especially at this critical period of economic depression caused by the COVID-19 pandemic ravaging the world.

Government should unburden itself of direct building of houses and should fully engage the private sector which has the ability to deliver the much needed houses at the due time.

Housing should be private sector driven through real estate developers who have the potential to deliver the much-needed houses timely across the nation. Government is not supposed to build houses directly, rather should provide an enabling ground for real estate developers in doing that.

Economic Sustainability Plan (ESP) will eventually revitalise the country's micro-economic indices and increase about 1.5 percent of the nation's Gross Domestic Product (GDP).

Alhaji Aliyu Oroji Wamakko is President of the Real Estate Developers Association of Nigeria (REDAN)

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