What Nigeria needs to achieve 5-year development plan – Buhari

The federal government requires an investment size of N348.1 trillion to achieve the targets set out in the National Development Plan 2021-2025, President Muhammadu Buhari said Wednesday in Abuja.

The President spoke at the formal launch and public presentation of the National Development Plan (NDP) 2021-2025, the successor to the Economic Recovery and Growth Plan (ERGP), 2017- 2020, which lapsed in December 2020.

He said the overall target of the Plan is to achieve a broad-based real GDP growth rate of 5 per cent on average during the Plan period; generate 21 million full-time jobs; and through an inclusive growth, lift 35 million people out of poverty.

He said this would set the stage for achieving the government’s target of lifting 100 million Nigerians out of poverty in 10 years, under the National Poverty Reduction with Growth Strategy (NPRGS).

To achieve these, the President said out of the investment size of N348.1 trillion, the Government is expected to provide N49.7 trillion or 14.3%, while the private sector would provide the balance of N298.3 trillion or 85.7%.‘‘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 Honourable Minister of State, Budget and National Planning as the Vice-Chair will be established in the Budget and National Planning arm of the Ministry to ensure overall coordination with the Ministries, Departments and Agencies; sub-national governments; Private sector operators and Civil Society Organisations,’’ he said.

The President recounted that the Federal Executive Council (FEC) had on November 10, 2021, approved the Draft National Development Plan, 2021-2025, which is the first of the envisaged Medium Term development Plans to implement the Nigeria Agenda 2050.

He said, the sustained implementation of the ERGP ensured execution of our social investment programmes and improvement in infrastructure across the country.

According to the President, the broad objectives of the Plan include the establishing a strong foundation for a concentric diversified economy with robust MSME growth and a more resilient business environment as well as investing in critical, physical, financial digital and innovation infrastructure.

The President said the Plan is also expected to build a solid framework to strengthen security and ensure good governance while also enabling a vibrant, educated and healthy population.

‘‘The macroeconomic framework recognizes that sectors have differing potentials for growth and identified and leveraged on those sectors with the highest potentials for stimulating growth,’’ he said.

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