- FG has revealed its readiness to start new economic plan for the country
- Zainab Ahmed, the minister of finance, made the revelation in Abuja on Thursday, October 31
- The minister said the vision 2040 would soon replace the existing vision 2020
Ahead of the expiration of vision 2020 economic plan, the minister of finance, budget and economic planning, Zainab Ahmed, has revealed the federal government's intention to commence the process of developing a new 20 or 30 years long term economic development plan for the country.
Daily Trust reports that the minister disclosed this on Thursday, October 31, at the BusinessDay investment and capital market conference themed, market recovery, innovation and regulation in Nigeria, held in Abuja.
Legit.ng gathered that she said this is critical as both the Economic Recovery and Growth Plan (ERGP) and the Vision 2020 expire next year.
Ahmed also noted that the vision would be tagged Vision 2040, adding that a medium-term economic growth acceleration plan for 2021-2024 is being developed as a successor to the ERGP.
She said: “Haven recognised that Nigeria’s past failure to plan and execute sustainable diversified and inclusive growth, and development which led to recession, precipitated by external shocks like the crude oil price crash, government in it’s plan is looking at developing a new long term plan."
She, however, noted that the government would still continue to execute the ERGP and also make sure that an investment structure is developed to drive the non-oil revenue sector to move away from the oil economy.
“Ultimately, it is about building a more resilient foundation moving forward, and a strong, innovative and thriving capital market is integral to such a future.”
“An important next step will be to transition our 2017-2020 Economic Recovery and Growth Plan to a successive long-term Vision 2040 plan," she added.
Meanwhile, Legit.ng had previously reported that Ahmed said Nigeria's economic growth might be at risk if the federal government fails to put resources together to actualise the economic growth and recovery and other development plans.
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