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FG TO INVEST N32TN ON FIRST NATIONAL IMPLEMENTATION VISION 20:2020

By NBF News
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Federal government has planned to invest over N32 trillion in the First National Implementation Plan (NIP) (2010-2013) of the Nigeria vision 20:2020

The Minister/Deputy Chairman of National Planning Commission, Dr. Shamsuddeen Usman stated this at the South West Zonal public presentation held yesterday, he said that the Federal and state governments are expected to contribute N10 trillion and N9 trillion respectively, while the private sector is envisaged to invest N13 trillion.

He noted that the vision 20:2020 economic transformation blue print is Nigeria's homegrown, long term, strategic growth agenda for stimulating economic development.

The Minister pointed out that it was also aimed at moving Nigeria to the league of top twenty economies by the year 20:2020, with minimum GDP of $900 billion and per capita income of $4,000.

He said that the process of developing the National Vision Blueprint, which was all inclusive, involved the participation of over 5,000 Nigerians, from all walks of live, including the media and those in the Diaspora is ongoing.

He noted that the 1st NIP are structured into the macroeconomic thrust and policies for the period 2010-2013, while volumes 2 and 3 cover the projects and programmmes for the Federal and state governments respectively. He noted that experience worldwide has shown that sustainable economic growth and development are not achieved on a platter of gold, but on a carefully thought out, strategic, planning basis.

He gave an example of the experience of countries like China, India and Malaysia. According to him, through consistent, strategic planning, Malaysis and India grew their GDP per capita from $808 and $430 in 1975 to $14,800 and $2,420, by 1999, respectively.

During the same period, he said they drastically reduced their poverty rates from 65 and 58 percent to 8 and 36 per cent respectively.

'This is a clear testimony of the efficacy of development planning as an effective strategy for the achievement of economic prosperity,' he said.