President Muhammadu Buhari has stated that Nigeria will require N348.1 trillion in investment to meet the goals set out in its five-year National Development Plan (NDP) for the years 2021 to 2025.
The government would contribute 14.3% (N49.7 trillion) of the projected investment portfolio, he said, while the private sector would contribute 85.7 percent (N298.3 trillion).
The president spoke at the formal launch and public presentation of the NDP yesterday in Abuja, which is the successor to the Economic Recovery and Growth Plan (ERGP) 2017-2020, which expires in December 2020.
According to him, the plan’s overall goal was to achieve a broad-based real Gross Domestic Product (GDP) growth rate of 5% on average over the Plan period, create 21 million full-time jobs, and lift 35 million people out of poverty through inclusive growth.
He went on to say that this would pave the way for the government’s National Poverty Reduction with Growth Strategy goal of lifting 100 million Nigerians out of poverty in ten years (NPRGS).
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As a result, a strong partnership between the public and private sectors will be required for the Plan’s successful implementation.
“In this regard, a Development Plan Implementation Unit will be established in the Budget and National Planning arm of the Ministry, headed by the Vice President, with the Honourable Minister of State, Budget and National Planning as Vice-Chair, to ensure overall coordination with Ministries, Departments and Agencies; sub-national governments; private sector operators and Civil Society Organizations,” he said.
The Federal Executive Council (FEC) approved the Draft National Development Plan, 2021-2025, on November 10, 2021, which is the first of the envisaged Medium Term Development Plans to implement the Nigeria Agenda 2050.
“The Plan, as a result of deliberate efforts, is comprehensive and has the capacity to accelerate and sustain national development as well as the achievement of various Regional and Global Agendas, such as the African Union Agenda 2063, the ECOWAS Agenda 2050, and the United Nations Sustainable Development Goals for 2030.
“I have no doubt in my mind that with effective and sustained implementation, Nigeria will achieve a quantum leap in unlocking its potentials in all sectors of the economy for a sustainable and inclusive national development,” the President said before the weekly FEC meeting began.
The president praised the Ministers of Finance, Budget, and National Planning, as well as the leadership of the National Steering Committee, the Central Working Group, and the Technical Working Groups, for their sacrifices and efforts in achieving this milestone, noting that the ERGP not only helped the country exit the 2016 economic recession, but also maintained a modest growth until the emergence of recent global economic challenges caused by the outbreak of the Ebola virus.
“The ERGP’s continued implementation ensured the execution of our social investment programs and infrastructure improvement across the country,” he said.
“It became necessary to prepare a successor plan to the Economic Recovery and Growth Plan in order to ensure a smooth transition and continue the implementation of government policies, programs, and projects.”
“As a result, on September 9, 2020, I inaugurated the National Steering Committee (NSC), which is co-chaired by Mr. Atedo Peterside and Dr. (Mrs) Zainab Ahmed, the Honourable Minister of Finance, Budget, and National Planning.
“In addition to the NSC, the Plan’s institutional arrangement included the Central Working Group (CWG), Technical Working Groups (TWGs), and a strong Secretariat to support the process.”
“The Plan’s preparation process was not only participatory and consultative, but also inclusive, involving all segments of society, including Key Political Parties, Government Agencies, Labour Unions, Youth Organizations, Civil Society Organizations, Women Society, Farmers’ Association, ALGON, Traditional and Religious Leaders, and Representatives of People with Special Needs, as well as Development Partners.”
According to him, the Plan’s broad objectives include laying a solid foundation for a diversified economy with strong MSME growth and a more resilient business environment, as well as investing in critical physical, financial, digital, and innovation infrastructure.
The president went on to say that the Plan would help to create a strong framework for security and good governance, as well as a vibrant, educated, and healthy population.
Minister of Finance, Budget, and National Planning Zainab Ahmed, who presented the plan to President Muhammadu Buhari, said the plan would focus on massive infrastructure investment, ensuring economic stability, improving the investment environment, and improving social indicators and living conditions of Nigerians, among other goals.
She went on to say that the plan was a blueprint for the kind of Nigeria that all Nigerians want, and that it would promote the use of science, technology, and innovation to achieve the desired growth.
“In order to achieve the future we all want, the plan is being developed to play a significant role in the international product complexity space and to adopt measures to alleviate constraints that have prevented the economy from reaching its full potential, particularly in the product mapping space.”
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“The plan calls for major infrastructure and other development projects to be implemented across the six geopolitical zones, as well as opportunities for rural areas to ensure balanced development and increased competitiveness,” she added.
“Among other things, the plan aims to invest heavily in infrastructure, ensure macroeconomic stability, improve the investment climate, improve social indicators and living conditions, and address climate change mitigation, adaptation, and resilience strategies,” she said.
Meanwhile, the Nigeria Governors’ Forum (NGF) has praised Buhari’s administration for the initiative that has resulted in the creation of a series of economic development plans thus far, noting that no administration in Nigeria’s history has been as inclusive as this one.
Dr. Kayode Fayemi, Chairman of the Forum and Governor of Ekiti State, who was represented by Alhaji Atiku Bagudu, Governor of Kebbi State, said the new NDP 2021-2025 was the result of collaboration and consultation between the federal and state governments.
“We congratulate Mr. President on the launch of the 2021-2025 Development Plan, which was expertly introduced by the Minister of National Planning,” he said.
“We had an economic recovery growth plan that expired in 2020, which achieved the goal of, among other things, helping Nigeria exit the recession twice, and now we have a plan in place for 2021-2025 that is primarily aimed at ensuring that the gains have been consolidated and Nigerians continue to be included.”
“This government, more than any other, has taken deliberate, active steps to include all economic groups and support them more than ever before in order for them to achieve their economic goals, for the country’s economy to continue to provide for all, and for us to see more prosperity.” We congratulate you, and I am confident that all of us in the 36 states and the FCT are overjoyed.
“Some of us who are members of various committees have been consulted.” It’s a consultative program, and we appreciate both the President and Vice President because, under their leadership, the National Economic Council, the Federation’s major economic decision-making body, has been quite inclusive; it’s not a monologue, and states are given pride of place,” he added.