(Quest 38.) Most of the developing economies like China, India, and Brazil that the world is today celebrating as economic success wouldnt have become this successful without adopting multi-year development plans. Why after knowing that their successes are as a result of carefully designed multi-year economic planning, we are yet to adopt such a multi-year development model? In other words, why wouldn’t you agree that Nigeria too needs that in order to move faster and more sustainably in its quest for industrialization and economic diversification and job creation for millions of the countrys unemployed young men and women? Yes, these development plans are needed and it is NOT true that we lack such plans. We currently have the Nigeria Vision 20:2020 document as well as the Transformation Agenda which provide the overarching direction for the Government’s development programs. The Nigeria Vision 20:2020 provides a long-term plan with concrete strategies needed to launch Nigeria onto a path of sustained and rapid socio-economic development. Vision 20:2020 builds on the previous National Economic Empowerment and Development Strategies (NEEDS), and is based on three pillars: to guarantee the productivity and wellbeing of the people of Nigeria; to optimize the key sources of economic growth; and to foster sustainable social and economic development. As you may be aware, the current administration also initiated the Transformation Agenda (TA) which is based on the Vision 20:2020 and the First National Implementation Plan. The Transformation Agenda targets thematic areas such as the real sector; infrastructure development; human capital development; and private sector investments. In addition to the Transformation Agenda, there are also macroeconomic frameworks and sectoral master plans which are used to guide the formulation of government programmes. For example: o For macroeconomic planning, we currently have the fiscal strategy paper (FSP) and the medium term expenditure framework (MTEF) which present the government’s revenue and expenditure forecasts in the medium-term. o For our industrial policies, the Federal Ministry of Industry, Trade and Investments recently developed the National Industrial Revolution Plan (NIRP), which aims at industrializing Nigeria and diversifying the economy into sectors such as agro-processing, light manufacturing, and petrochemicals. o For our long-term infrastructure investments: the National Planning Commission developed the National Integrated Infrastructure Master Plan (NIIMP) which provides a comprehensive 30-year infrastructure development plan for Nigeria.
Posted on: Sun, 19 Jan 2014 07:12:05 +0000
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