Nigeria - Economic Governance, Diversification and Competitiveness Support Program

Economic Governance, Diversification and Competitiveness Support Program (EGDCSP) was designed in a context where Nigeria is facing a severe economic crisis marked by deteriorating public finances and the current account, due to the fall in oil prices. The operation aims to assist Nigeria in the implementation of its economic and social transformation agenda by supporting reforms in the following areas: (i) Public Finance Management (PFM) to strengthen revenue collection, improve efficiency, transparency and accountability in the use of public resources; (ii) sustainable energy supply through improved sector governance and greater private sector participation; (iii) the modernization of agriculture by strengthening the political and institutional framework; and (iv) social inclusion by improving the policy and institutional framework for the protection and empowerment of the poor and vulnerable groups. The cost of the Program is estimated at USD 1 billion and is expected to be implemented over the 2016-2017 period. The various reforms to be undertaken under the proposed Program revolve around three complementary components, namely: (i) strengthening the management of public expenditure; (ii) promoting economic competitiveness and diversification, through reforms targeting the energy sector and the transformation of agriculture; and (iii) promoting social inclusion.