Economic Recovery And Growth Plan Nigeria Pdf


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20.05.2021 at 22:09
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economic recovery and growth plan nigeria pdf

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Tolu Olarewaju does not work for, consult, own shares in or receive funding from any company or organisation that would benefit from this article, and has disclosed no relevant affiliations beyond their academic appointment.

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Economic Recovery & Growth Plan 2017-2020

To browse Academia. Skip to main content. By using our site, you agree to our collection of information through the use of cookies. To learn more, view our Privacy Policy. Log In Sign Up. Download Free PDF. Folorunso Odanaogun. Download PDF. A short summary of this paper. But in its simplest form, the term means improvement or to become more advanced, more mature, more complete, more organized, more transformed etc. Rodney defines it in relation to the individual. According to him, "at the level of the individual it implies increased skills and capacity, greater freedom, creativity, self-discipline, responsibility and material well-being".

Understood this way development planning implies "deliberate control and direction of the economy by a central authority for the purpose of achieving definite targets and objectives within a specified period of time" Jhingan Daggash viewed Development Planning as "a long term integrated comprehensive national plan of actions: that indicates the trajectory of national growth and development". Development planning comprehensively involves predetermining a nation"s visions, missions, policies and programmes in all facets of life such as social, human, political, environmental, technological factors etc.

Egonmwan and Ibodje posited that development plan entails "a consciously directed activity with pre-determined goals and predetermined means to achieve the set goals". An economic development plan is a carefully built framework that is long-term in scope. Development plan is meant to control the future.

Development planning presupposes a formally predetermined rather than a sporadic action towards achieving specific developmental results. More importantly, it entails direction and control towards achieving plan targets. In my own view, Development plan can be defined as the act of controlling the future development of an individual, society or nation using today"s realities as a launching pad.

It is in recognition of this that Jhingan Having a functional and virile development plan is very essential for the overall development of any nation.

Its importance cannot be overemphasized because of the following; firstly, planning is seen as the strategy for the allocation of resources to improve the standard of living of the citizens. Also, it helps to increase the rate of economic development through capital formation which results from raising income, saving and investment levels. Furthermore, planning helps in strengthening market mechanism by removing market imperfections.

An Overview of Development Plans in NigeriaAccording to Okojie , Nigeria"s development planning could be classified under four phases. These can be described as the Colonial Era , the Era of Fixed-Term planning , the Era of Rolling Plan Plan , and the New Democratic Dispensation till date.

There exists between these periods some years dominated by sporadic governmental actions and ad hoc planning in which the country did not actually produce a plan document that could be categorized into the four periods earlier mentioned. These periods represent times of major socio-political upheaval and economic crisis that necessitated transitory and sporadic actions from the incumbent administrations.

The Colonial Era Planning during the colonial period was masterminded from outside the country and thus, was in accordance with the colonial objectives, which Rodney , Obikeze and Obi believed to be Parasitic in nature. The issue of development planning from inside during the colonial administration therefore became necessary only when the heat of nationalism and the possibility of independence for the country become evident.

Thus, it was in that the first attempt at development planning was introduced. It was a Ten-year plan of Development and Welfare for Nigeria. The plan was purely expenditure-related as its aim was "primarily to guide the allocation of the development and welfare funds made available by the imperial power, Britain" Adamolekun, Major areas of attention were transport, communication and a few cash crops Obikeze and Obi Little attention was paid to developing the productive base and defining a comprehensive development objective for the country.

The plan suffered a revision half way in and the introduction of a federal structure in reduced its efficacy. But it continued to guide both the central and regional governments until the launching of the First National Development plan in Adamolekun and Ayo have exhaustively 6 documented the problems that marred the plan.

These include poor financial resources for plan implementation, weak formulation and implementation machinery, lack of technical skills by the generalist administrators who prepared the plan, and the absence of clearly defined national objectives. Reasonable commitment was made in the preparation of these plans. Realizing the effect of non i. These national objectives were considered so important that they were included in the Constitution.

The guiding principles, which became increasingly recognized from the Second Plan, did not correct plan distortions and slippages. Apart from their vagueness, it did not 8 actually achieve its rationale of directing the programmes and budgets of various administrations. Part of the problems remained lack of the will to perform, lack of finance, corruption, monocultural oil economy etc.

In the Third Plan for instance, the government could only spend N While in the Fourth Plan, only N Nigeria"s creditors necessarily had to be involved in her planning if further debts rescheduling had to be obtained. SAP was only an economic emergency programme expected to last for two years.

But its programmes were too radical to be realized within such a short time. The three-year rolling plan became effective from the with the initiation of The FirstNational Rolling Plan, Plan, The essence of the rolling plan was to afford the country the opportunity of revision in the midst of increasing socio-political and economic uncertainties.

But preparation of medium term plans turned out to be a yearly event and became almost undistinguishable from the annual budgets.

Okojie concludes that Rolling Plans have been prepared yearly at all levels of government including the local government level. At the end of about ten Rolling Plans, from to Nigerians are no better off than they were during the years of fixed medium-term planning Okojie With the coming to power of a new democratic power in May , there were high expectations that things were bound to change regarding development planning in Nigeria since the military rule was partly blamed for plan failures especially as it concerned constant change of governmental administrations that led to inconsistency in plan formulation and implementation, and absence of democratic means of control that will likely guarantee more responsibility in governance.

The new administration started development planning in on a clean slate with the initiation of a four-year medium term plan document, the National Economic Direction The plan had the primary object of pursuing a strong, virile and broad-based economy with adequate capacity to absorb externally generated shocks. While being a new plan document, the objectives and policy direction was not significantly different from that to which the country has followed since the introduction of SAP.

According to Donli , "the new plan was aimed at the development of an economy that is highly competitive, responsive to incentives, private sector-led, diversified, market-oriented and open, but based on internal momentum for its growth.

The plan did not achieve much of the articulated programmes of deregulating the economy, reducing bureaucratic red-tapism in governance, creating of jobs, alleviating of poverty and providing welfare programmes and infrastructure such as water, improved health care, electricity and roads. Despite the huge resources garnered from improved oil pricing, sale of privatized government enterprises, and recovered loots from the Abacha family and its cronies, Nigeria went further down the rungs of impoverished nations.

It is a four-year medium term plan for Nduwugwe, Yar"Adua was unable to bring his plan into fruition when death struck on 5th of May, He introduced his own agenda named "TransformationAgenda" with the objective of making Nigeria to be amongst the first 20 Economies in the world by the year This equally failed because of his inability to secure victory for his secondterm. By the cumulative effect of these targets, it is expected that GDP will expand by 2.

Also Nigeria shall be a net exporter of refined oil. It is also expected that the Nigeria shall achieve a large asset sale particularly in the oil industry. By this and other means to manage the Inflation forecast of Also the tax related target aims at improving tax policy and implementation to raise revenue to N billion annually. This would be achieved majorly by investment in agriculture to drive self-sufficiency in tomato paste in , rice in and wheat in Challenges Militating against the Optimum Performance of ERGP in NigeriaFrom the foregoing, it can be deduced that Nigeria is not handicapped when it comes to formulating development plans.

There are several factors which militate against the actualization of these development plans. Some of the challenges identified are as follows:Paucity of data: No plans can succeed without the requisite data upon which plans are fashioned.

In Nigeria, the available statistical data are obsolete. For instance, when it comes to population, Development plans are usually formulated without the masses inputs, which resulted into the nonchalant attitude of the masses towards its actualization. In most cases, the masses who are 14 supposed to be the utmost beneficiaries of development plans are not even aware of its existence.

The masses apathy to development plans is another millstone affecting it in Nigeria. RecommendationsThe above challenges facing development plans in Nigeria as highlighted are not insurmountable if these recommendations are applied. Adequate and sufficient funds must be provided for development plans to meet its stated objectives. In this case, feasibility study of the plans needs to be carried out so as to be abreast of the cost to be incurred.

Budgetary provisions should be tailored towards meeting the stated objectives. Budget padding and adjustment by the legislature should be discouraged. All avenues for financial leakages should be blocked. Doing this will ensure that adequate money is provided and the evils of embezzlement must have been checked too. Targets sets for development must be realistic. It does no one any good to bloat development plans with unrealistic sets targets. Development plans must be set using the current available social and economic indicators as yardsticks.

Forecasting and Projections especially revenue projections must not be over ambitious. It has been well established that most government projections is dependent on Oil and the price of oil in global market is susceptible to frequent changes. It has been established that policy somersault or discontinuity is an aberration to development ethos.

All efforts must be geared towards Policy continuity for sets targets to be met. Any government in power irrespective of party affiliations should endeavour to continue with development plans of previous administration.

The era of each administration wanting to institute its own development plan by abandoning previous plans which have not been actualized on the altar of egoism should be discouraged. Legislation to compel policy continuum in as much as government is a continuum should be passed.

Masses Participation must be encouraged. The objectives of all developmental plans are to translate governmental efforts into the lives of the citizenry.

This presupposes that plans are meant for the people and the peoples" inputs are very essential in formulating and subsequent implementation of the plans.

ECONOMIC RECOVERY GROWTH PLAN - BudgIT

A negative growth of The Plan aims at economic recovery in the short-term, and structural reforms aimed at diversifying the economy to set it on a path toward sustained and inclusive growth over the medium to long-term. The Federal Ministry of Budget and National Planning is coordinating the development of action plans containing the detailed activities, milestones, timelines and key performance indicators and targets for each of these strategies. The 12 strategic priorities for executing the economic recovery and growth plan are grouped into five main categories. Achieving agriculture and food security — deliver on agricultural transformation. Ensuring energy sufficiency power and petroleum products — urgently increase oil production — expand power sector infrastructure — boost local refining for self-sufficiency. Improving transportation infrastructure — deliver targeted high priority transportation projects — enable private sector financing of infrastructure.

Development Plan in Nigeria: The Economic Recovery and Growth Plan (ERGP

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Since Independence and especially since the return to democratic governance in , successive governments have made concerted efforts in economic and development planning. Against the backdrop of the failures of the previous plans, this study assessed the level of performance in the implementation of the economic plan, with a view to identifying the areas of success or otherwise and made recommendations for the future.

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