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Economy | Budget and Plans

How Weak Governance Could Affect Nigeria’s 2021-2025 National Development Plan

May 18, 2022   •   by Ottoabasi Abasiekong   •   Source: WebTV   •   eye-icon 307 views

Wednesday, May 18, 2022/ 10.00AM / by Ottoabasi Abasiekong for WebTV / Header Image Credit: WebTV

 

As the current administration seeks to implement the 2021-2025 National Development Plan (N.D.P.), stakeholders have expressed concerns over the weak governance structure that could slow implementation.

 

The submission was part of the major takeaways from the 2022 Vanguard Economic Discourse, which focused on “National Plans & National Performance: Gaps, Learnings & Opportunities.”

 

In his welcome address, the General Manager and Editor-In-Chief of Vanguard Newspapers Mr. Gbenga Adefaye said that the event was an opportunity for eminent speakers from diverse industries and sectors to brainstorm and explore ways of developing a robust culture of planning and development in Nigeria.

 

Delivering the keynote Professor Akpan Ekpo, the Chairman of the Foundation for Economic Research and Training (F.E.R.T.), noted that Nigeria prioritized national planning from the 1960s to 1970s, only to abandon it in the 1980s because of the recommendation of the “Bretton Woods” institutions, the I.M.F. and World Bank.

 

He opined that all the developed economies globally have plans covering the short to long-term period.

 

With more than three decades of experience in national planning, the economist stated that Nigeria, in terms of indicators, has performed below average considering the level of high unemployment, high poverty, high inflation and high misery index. 

 

He emphasized the need for the government to provide an enabling environment, working with the private sector to drive a development plan that works for the general populace.

 

For the current 2021-2025 National Development plan to work in the country, he outlined the following areas that should be a top priority which include:

 

  • Accountability 
  • Political stability
  • Government Effectiveness 
  • Regulation Quality 
  • Rule of Law and 
  • Control of Corruption

 

He called on the political class to address the culture of abandoning national policy plans, which was the experience of Vision 2010, N.E.E.D.S plan and the slow pace of Vision 2020 implementation. 

 

The scholar informed stakeholders at the event that good governance was vital to achieving a sustainable development plan like the 2021 to 2025 agenda. “At the moment, the governance structure in Nigeria is weak, which is why countries like South Africa, Ghana and Egypt are doing better in economic planning.”

 

Chairman of the Occasion and former Chairman, StanbicIBTC Bank, Mr. Atedo Peterside, CON, in his remarks, decried the fact that since 2014 there has been a significant decline in the country’s investment to G.D.P. ratio. 

 

He pointed out that there has been a challenge in the confidence level in governance, which has led to low investments in the economy.

 

According to him, there is no level playing field in the Nigerian economic system, and the current structure benefits a few people, especially in foreign exchange allocation.

 

The event featured a panel session where Mr. Olufemi Awoyemi, mni,  Chairman of Proshare, was the moderator. Panellists included Prof. Olayinka David-West, Associate Dean, L.B.S., Dr Taiwo Aduloju, C.O.O./Co-Chair, N.E.S.G., Mr. Rasheed Adegbenro, Representing, DG Manufacturers Association of Nigeria, Dr. David Adeosun, Director, Macro-economic Policy, Federal Ministry of Finance, Budget and National Planning, Mr. Johnson Chukwu, GMD/CEO Cowry Asset Management and Comrade Chris Onyeka, Representative of Nigeria Labour Congress as discussants.

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