. Says Nigeria needs N348.1trn to achieve targets
The Federal Government, yesterday, launched the National Development Plan 2021-2025, which it said is a successor plan to both the Economic Recovery and Growth Plan (ERGP 2017-2020), and the Vision 20:2020.
This is even as it requires an investment size of about N348.1 trillion to achieve set targets in the Plan.
Speaking at the launch, President Muhammadu Buhari said the major target of the NDP is to achieve a broad-based real gross domestic product (GDP) growth rate of five per cent on average during the Plan period.
Buhari in a statement issued by his Special Adviser on Media and Publicity, Femi Adesina, was also quoted as saying that the Plan hopes to generate about 21 million full-time jobs; and through an inclusive growth, lift 35 million people out of poverty.
These, he said, would set the stage for achieving the government’s target of lifting 100 million Nigerians out of poverty in 10 years, under the National Poverty Reduction with Growth Strategy (NPRGS).
However, to achieve this, the President said of the N348.1 trillion investment requirements, the government is expected to provide about N49.7 trillion or 14.3%, while the private sector would provide the balance of N298.3 trillion or 85.7%.
He said: “This implies that successful implementation of the Plan will require a strong partnership between the public and private sectors.
“In this regard, a Development Plan Implementation Unit headed by the Vice President with the Honourable Minister of State, Budget and National Planning as the Vice-Chair, will be established in the Budget and National Planning arm of the Ministry to ensure overall coordination with the Ministries, Departments and Agencies; sub-national governments; private sector operators and civil society organizations.”
The plan seeks to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment, improve on social indicators and living conditions, tackle climate change mitigation, adaptation, and resilience strategies, among others.
Infrastructure development
Earlier, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said the NDP 2021-2025 will focus investment on massive infrastructure, ensure economic stability, enhance the investment environment, improve on social indicators and living conditions of Nigerians, and a host of others.
She added that the Plan will also encourage the use of science, technology, and innovation to drive the growth being targeted.
“In order to have the future we all desire, the Plan is developed to play a sizable role in the product complexity space internationally and adopts measures to ease constraints that have hindered the economy from attaining its potential, particularly on the product mapping space.
“The plan provides for the implementation of major infrastructure and other development projects across the six geopolitical zones and opening up of opportunities for the rural areas to ensure balanced development and increased competitiveness.
“The plan builds on the foundation developed in the Vision 20:2020 and the Economic Recovery and Growth Plan. Lessons from these previous plans guided the development of the NDP 2021-2025
“The plan seeks to invest massively in infrastructure, ensure macroeconomic stability, enhance the investment environment, improve on social indicators and living conditions, tackle climate change mitigation, adaptation, and resilience strategies, among others,” she said.
Collective work
Chairman of the Nigerian Governors’ Forum (NGF), Dr. Kayode Fayemi, represented by the Governor of Kebbi State, Atiku Bagudu, said the new NDP was a product of collaboration and consultation between the federal and state governments.
He continued: “We had an economic recovery growth plan that expired in 2020, which has achieved the objective of, among others, helping Nigeria exit twice from the recession, and now we have a plan in place for 2021-2025 that is further aimed principally at ensuring that the gains have been consolidated and Nigerians are being continuously included.
“This government, more than any other, has taken deliberate, active steps to include all economic groups and support them more than has ever been done in order that they achieve their economic objectives, in order that the country’s economy continues to provide for all and we will witness more prosperity.”
