• Privacy Policy
  • Terms
  • About us
  • Contact Us
Wednesday, May 18, 2022
  • Login
TheMattersPress
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us
No Result
View All Result
TheMattersPress
No Result
View All Result
Home Economy

Nigeria needs N381trn investment to boost development plan – Buhari

The Matters Press by The Matters Press
December 23, 2021
Reading Time: 4 mins read
0
New Year: Buhari to re-organise military, police to tackle crimes, insurgency

President Muhammadu Buhari has said that Nigeria requires an investment size of N348.1 trillion to achieve the targets set out in the National Development Plan 2021-2025.

RELATED POSTS

Osinbajo advocates African plan on energy transition

Buhari’s war against money laundering, financial crimes peaks

Stakeholders seek political will to revive textile sector

The President spoke in Abuja on Wednesday 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 explained that 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 added that 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 noted that 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%.

ALSO READ  Port Harcourt refinery records minor fire

‘‘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 Organizations,’’ 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.

‘‘The Plan, as a matter of deliberate efforts, is comprehensive and has the capacity not only to accelerate and sustain national development but also the attainment of 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,’’ the President said at the presentation before the commencement of the weekly FEC meeting.

ALSO READ  Minister urges MDAs to focus on skills instead of certificates

Commending the Ministers of Finance, Budget and National Planning, the Leaderships of the National Steering Committee, the Central Working Group and the Technical Working Groups for the sacrifice and efforts in achieving this milestone, the President noted that the implementation of the ERGP not only helped the country to exit the 2016 economic recession but sustained a modest growth until the advent of the recent global economic challenges occasioned by the outbreak of the Coronavirus (COVID-19) pandemic.

‘‘The sustained implementation of the ERGP ensured execution of our social investment programmes and improvement in infrastructure across the country.

‘‘In order to ensure a seamless transition and continue the implementation of the policies, programmes and projects of government, it became necessary to prepare a successor Plan to the Economic Recovery and Growth Plan.

‘‘I on September 9, 2020, therefore, inaugurated the National Steering Committee (NSC), co-chaired by the respected Mr. Atedo Peterside and the Honourable Minister of Finance, Budget and National Planning, Dr. (Mrs) Zainab Ahmed.

ALSO READ  Nigeria will maintain stable Naira

‘‘Apart from the NSC the institutional arrangement for the preparation of the Plan also included; the Central Working Group (CWG), the Technical Working Groups (TWGs) and a strong Secretariat that supported the process.    

‘‘The process adopted for the preparation of the Plan was not only participatory and consultative but also inclusive; involving all segments of the society such as; Key Political Parties; Government Agencies; Labour Unions; Youth Organizations; Civil Society Organizations; Women Society; Farmers’ Association; ALGON; Traditional and Religious Leaders and Representatives of People with Special Needs; and Development Partners,’’ he said.

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 added that 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 explained.

Tags: Plan
ShareTweetPin
The Matters Press

The Matters Press

Related Posts

Nigeria emerges Africa biggest energy sector
Economy

Osinbajo advocates African plan on energy transition

May 13, 2022
Nigeria gets petroleum law to edge out 50 years archaic laws
News

Buhari’s war against money laundering, financial crimes peaks

May 13, 2022
25 textile clusters get a boost through SMEDAN
Economy

Stakeholders seek political will to revive textile sector

May 12, 2022
Nigeria floats $4bn Eurobonds
Economy

DMO lists N225bn FGN bond for subscription by auction

May 12, 2022
Price of bread to be reviewed upwards again
Economy

Cost of bread beyond reach of many Africans – AfDB

May 12, 2022
Buhari meets with governors of APC
News

Buhari gives resignation deadline to political office holders seeking to contest elections

May 11, 2022
Next Post
Buhari vows to be more decisive against terrorists

Buhari vows to be more decisive against terrorists

SON alerts on second hand gas cylinders

Company commits to growth of natural gas

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recommended Stories

3 bankers in net over $2b fraud

3 bankers in net over $2b fraud

January 5, 2019
Economists Challenge IMF on call for further VAT increase in Nigeria

IMF research indicates covid.19 wreaks havoc on global supply chains

April 13, 2022
Fake news upsets Buratai

Fake news upsets Buratai

December 2, 2018

Popular Stories

  • 79 candidates for presidential election

    INEC wants to make you rich, bid for new jobs

    0 shares
    Share 0 Tweet 0
  • Universities approved to operate distance learning centres

    0 shares
    Share 0 Tweet 0
  • IMF’s reasons for Nigeria’s economic recovery

    0 shares
    Share 0 Tweet 0
  • Missing fighter jet found dead

    0 shares
    Share 0 Tweet 0
  • PawaPlus launches app to make access to electricity easy

    0 shares
    Share 0 Tweet 0
TheMattersPress

We bring you the best news update in Nigeria

LEARN MORE »

Recent Posts

  • Osinbajo advocates African plan on energy transition
  • Buhari’s war against money laundering, financial crimes peaks
  • Stakeholders seek political will to revive textile sector

Categories

  • Agriculture
  • Business
  • Culture
  • Economy
  • Economy
  • Entertainment
  • Features
  • Finance, Money
  • Foreign
  • Health
  • Lifestyle
  • Multimedia
  • News
  • Oil, Gas
  • Opinion
  • Photo
  • Politics
  • Politics/Social
  • Religion
  • Security
  • Special News
  • Sports
  • Tech
  • Thematterspress
  • Trade, Industry, Technology
  • Travel
  • Uncategorized
  • Video
  • World

© 2022 Domo Tech World - Powered by Thematterspress.

No Result
View All Result
  • Home
  • News
  • Features
  • Special News
  • Thematterspress
  • Multimedia
    • Audio
    • Photo
    • Video
  • About us
  • Contact Us

© 2022 Domo Tech World - Powered by Thematterspress.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Call Us
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?