FG Launches New Development Plan To Boost Economic Recovery

Federal Government has launched the National Development Plan ( NDP), 2021-2025 to boost economic recovery and infrastructure.

Presenting the Plan to President Muhammadu Buhari before the commencement of the Federal Executive Council (FEC), meeting at the council chambers, Presidential Villa, the Minister of Finance, Budget and National Planning, Zainab Ahmed, said that the NDP 2021-2025 is a successor plan to both Economic Recovery and Growth Plan (ERGP 2017-2020) and the Vision 20:2020.

She noted that the the plan would focus investment on massive infrastructure, ensure economic stability, enhance the investment environment, improve on social indicators and living conditions of Nigerians, among other targets.

She further revealed that the plan would encourage the use of science, technology and innovation to drive the growth being targeted.

According to her, “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 potentials, 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 (ERGP). 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.”

Meanwhile, the Nigeria Governors’ Forum (NGF) has lauded the President Muhammadu Buhari administration for the initiative that has created the series of economic development plans so far under its watch, noting that no administration, in Nigeria’s history, has been as inclusive.

Chairman of the NGF and governor of Ekiti stare, Dr Kayode Fayemi, represented by the Governor of Kebbi State, Alhaji Atiku Bagudu, noted that the new NDP 2021-2025 was a product of collaboration and consultation between the federal and state governments.

He said: “Well, let me just clarify that I’m here to represent the chairman of the Nigerian Governors Forum, Governor of Ekiti State, who was unavoidably absent and we congratulate Mr. President for launching the 2021-2025 Development Plan as ably introduced by the Minister of National Planning.

“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. We congratulate and I’m sure all of us in the 36 states and FCT are very happy.

“We have been consulted some of us who are members of the various committees. It’s a consultative programme and we appreciate both the President and the Vice President because under them, particularly the National Economic Council, which is the major economic decision-making body of the Federation, has been quite inclusive, it’s not a monologue, states are being given the pride of place.”

Peter Ifedayo

Inside Business

FG Launches New Development Plan To Boost Economic Recovery