The FG plans to deploy ICT and relevant technology to implement its National Development Plan 2021-2025, through the careful insertion of young graduates with strong ICT skills and many more, as N348.1 trillion in investment is required to fund the NDP.
This was disclosed by Dr Sara Alade, former Deputy CBN Governor and adviser to the President at the Nigerian Economic Outlook 2022 webinar organised by the King’s Court Parish of the Redeemed Christian Church of God (RCCG), themed, “The National Development Plan(2021-2025) opportunity to reset.”
Alade said that opportunities for the private sector include, improved ease of doing business and regulatory reforms, and creating employment and empowerment for all.
What Dr Alade is saying
She stated that the National Development Plan implementation includes institutionalization of the NDP with the law at all levels of government to check 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.
What you should know
Recall Nairametrics reported last month that President Muhammadu Buhari officially inaugurated Nigeria’s National Development Plan 2021-2025, succeeding the Economic Recovery and Growth Plan (ERGP 2017-2020)
The Minister of Finance, Budget and National Planning, Dr Zainab Ahmed, while speaking at the presentation, said, “The NDP 2021-2025 is designed as our medium-term Development Plan to succeed the Economic Recovery and Growth Plan (ERGP 2017-2020), which ended in December 2020.
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.