In the view of the fact that N348.1 trillion in investment is required to support the NDP, the FG wants to employ ICT and associated technology to implement its National Development Plan 2021-2025, through the cautious insertion of young graduates with excellent ICT skills and many others.
This was revealed by former Deputy Governor of the Central Bank of Nigeria (CBN) and Presidential adviser, Dr Sara Alade, at the Nigerian Economic Outlook 2022 webinar hosted by the King’s Court Parish of the Redeemed Christian Church of God (RCCG) and titled “The National Development Plan(2021-2025) opportunity to reset.”
Among the potential for the private sector, according to Alade, are increased ease of doing business and regulatory improvements, as well as job creation and empowerment for everybody.
She noted that implementing the National Development Plan entails enshrining the NDP in legislation at all levels of government in order to prevent frequent policy reversals.
She said, “Leverage existing government structures; deployment of ICT and relevant technology through the careful insertion of young graduates with strong ICT skill to strengthen efficiency and value and professionalization of the planning function to ensure capacity sustainability”.
She added that the FG is also leveraging on effective communication of the plan to the masses to” ensure Nigerian citizens and stakeholders such as civil society organisations are aware of their roles, responsibilities, risks, benefits and opportunities.
On financing the plan, she said, the sum of N348.1 trillion in investment is required, with a private sector contribution of N298.3 trillion. Dr. Alade added that the initiatives to fund the plan include, amplifying public-private partnerships; enhancing private sector participation in areas of the economy; establishing the Nigerian Investment and Growth Fund.
Other sources of financing include; pension funds, insurance companies, Sovereign Wealth Funds, Bilateral private Sector investment, equity funds etc.
Nigeria’s National Development Plan 2021-2025, which succeeds the Economic Recovery and Growth Plan, was officially launched by President Muhammadu Buhari last month (ERGP 2017-2020)
“The NDP 2021-2025 is designed as our medium-term Development Plan to successor the Economic Recovery and Growth Plan (ERGP 2017-2020), which ended in December 2020,” stated Dr Zainab Ahmed, Minister of Finance, Budget, and National Planning, during the presentation.
She added the Plan provides for the implementation of major infrastructure and other development projects across the six Geo-political Zones and the opening up of opportunities for the rural areas to ensure balanced development and increased competitiveness.
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