President Muhammadu Buhari has revealed that Nigeria would need investments valued at N348.1 trillion to fully achieve its expectation in the National Development Plan (NDP) 2021-2025.
This was disclosed by Mr Femi Adesina, the President’s Special Adviser, Media and Publicity, after the formal launch of the NDP, according to the News Agency of Nigeria. The President made it clear that the NDP will also replace the Economic Recovery and Growth Plan (ERGP), 2017- 2020, which expired in December 2020.
What the President is saying
The President stated that the Plan is to achieve a broad-based real GDP growth rate of 5 per cent on average during the period; generate 21 million full-time jobs; and through an inclusive growth, lift 35 million people out of poverty. He also said the Plan would also set the ball rolling for the FG’s plan to lift 100 million Nigerians out of poverty in 10 years, under the National Poverty Reduction with Growth Strategy (NPRGS).
The President disclosed that out of the N348.1 trillion needed to push the Plan, the government is expected to provide N49.7 trillion or 14.3 per cent, while the private sector would provide the balance of N298.3 trillion or 85.7 per cent. ‘‘This implies that successful implementation of the Plan will require a strong partnership between the public and private sectors.”
‘‘In this regard, a Development Plan Implementation Unit, headed by the Vice President, with the Minister of State, Budget and National Planning as the Vice-Chair, will be established in the Budget and National Planning arm of the Ministry,” he said. The president recounted that the Federal Executive Council (FEC) had on Nov. 10, 2021, approved the Draft National Development Plan, 2021-2025, which was the first of the envisaged Medium Term development Plans to implement the Nigeria Agenda 2050.
‘‘The Plan, as a matter of deliberate efforts, is comprehensive and has the capacity not only to accelerate and sustain national development but also to attain various Regional and Global Agendas, including the AU Agenda 2063, ECOWAS Agenda 2050 and the UN Sustainable Development Goals, 2030. ‘I have no doubt in my mind that with effective and sustained implementation, Nigeria will achieve quantum leap in unlocking its potentials in all sectors of the economy for a sustainable and inclusive national development,’’ he said.