- The second medium term plan under the administration of President Muhammadu Buhari has been unveiled
- It will be called National Development Plan to succeed the Economic Recovery and Growth Plan (ERGP 2017-2020)
- Buhari is hoping this time it will stabilise the economic growth under this administration in the next five years
President Muhammadu Buhari has launched the National Development Plan 2021-2025 after it was approved by the Federal executive council in November 2021.
The new plan will succeed the Economic Recovery and Growth Plan (ERGP 2017-2020).
The president was assisted by Vice-President Yemi Osinbajo; Secretary to Government of the Federation, Boss Mustapha; Gov. Atiku Bagudu of Kebbi State; as well as Minister of Finance, Budget and National Planning, Dr Zainab Ahmed the Guardian reports.
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What is the government saying
Speaking at the event, the Minister of Finance, Budget, and National Planning, Dr Zainab Ahmed, revealed that the new document replaced the Economic Recovery and Growth Programme.
“The NDP 2021-2025 is designed as our medium-term Development Plan to succeed the Economic Recovery and Growth Plan (ERGP 2017-2020), which ended in December 2020.
“The ERGP 2017–2020 assisted the country to exit economic recession in 2017 and sustained modest growth until the recent global economic challenges occasioned by COVID-19 Pandemic.
“The current challenges are products of many years of inappropriate policies, fiscal leakages, and global economic phenomena.
Ahmed also promised that the Administration is taking necessary actions that will fundamentally change the structure of the economy and how government businesses are conducted for efficiency and effectiveness.
She said the plan would help Nigeria achieve robust development in the Science and Technology sectors.
“The President graciously granted approval to my Ministry in 2019 to develop a new national development plan to succeed both ERGP 2017-2020.
“It is very important to note that the Plan is a pointer to the type of Nigeria we all desire and encourages the use of science, technology and innovation to drive growth.
“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 easing constraints that have hindered the economy from attaining its potentials, particularly, on the product mapping space.
Why the NDP is important
Ahmed also noted that the Plan provides for the implementation of major infrastructure and other development projects across the six Geo-political Zones and the opening up of opportunities for the rural areas to ensure balanced development and increased competitiveness.
We are ready for business: President Buhari
Meanwhile, President Muhammadu Buhari has declared to global investors that Nigeria is ready for business.
He made this declaration in France as he looks to attract more international businesses to Nigeria's economy.
Legit.ng reported that Nigeria is desperately in need of foreign investment as oil revenues continue to decline.