The Federal government on Monday disclosed plans to unveil the Medium-Term National Development Plan 2021-2025 in October. According to the Minister of State for Finance, Budget and National Planning, Clem Agba, the plan is aimed at lifting millions of Nigerians out of poverty and ensuring economic stability, development and good governance.
The development plan is coming 10 months after the expiration of the Economic Recovery and Growth Plan (2017-2020). The ERGP which was introduced in 2017 by the Federal Government was deployed to restore growth, invest in people and build a competitive economy. It was also targeted at growing the Gross Domestic Product of the country by seven per cent in 2020, driven by strong non-oil sector growth anchored by agriculture and food security energy, transportation and industrialisation. However, findings show that the Federal Government failed to meet most of its targets.
For instance, beyond a GDP growth rate of seven per cent, the ERGP was aimed at ensuring a 9.90 per cent inflation rate, oil production of 2.5 million barrels per day, 11.23 per cent of unemployment rate among others to be achieved in 2020. However, available data at the end of 2020 showed that the real GDP grew by 0.11 per cent, unemployment rate was 33.3 per cent, oil production stood at 1.42 mbpd, while inflation rate stood at 15.75.
Agba explained that the succession plan was currently being reviewed by different stakeholders, hence the delay in its deployment. He said this at a capacity building workshop for special advisors and technical assistants of ministers organised by the Konrad-Adenauer Stiftung in Abuja. The Minister also disclosed that the National Agenda 2050 was underway to replace the outgone vision 20:2020 plan.
He noted that the plans were anchored on the government’s desire to address the prevalence of poverty by lifting 100 million Nigerians out of poverty in 10 years. The Minister said the plans would also put in place strategies to tackle Nigeria’s increasing population growth.