Last week, Nigeria’s Federal Executive Council approved a five-year National Development Plan, NDP, targeting N348.7 trillion in investments from the federal and state governments as well as the private sector.
The new development plan succeeds the Economic Recovery and Growth Plan, which expired in December 2020.
According to the Minister of Finance, Budget and National Planning, Zainab Ahmed, the public sector would contribute N49.7 trillion of projected investments during the period, while N298.3 trillion would come from the private sector.
However, there are many sceptics who wonder if the new development plan will be implemented to the letter.
In his reaction at the weekend, Atedo Peterside, an economist and entrepreneur, posted a tweet, saying: “If you think that past plans failed, then it is the more reason why you should aim to plan better next time.
“If you have no plans at all, then you have simply planned to fail. By themselves, plans are not a sufficient condition for progress; NO, they are a necessary precondition.”
Others also hold the view that the Nigerian government consciously frustrates, blocks, threatens, frightens, deceives, intimidates, arrests and fleeces the private sector, and then blames the lack of economic growth on the price of crude oil.
In this interview, Atedo Peterside, economist, entrepreneur, and Founder of Stanbic IBTC and the ANAP Foundation, provides more insight into the new National Development Plan and the projection to lift 100 million Nigerians out of poverty over the next ten years, as envisaged under the plan.
Peterside, who alongside the finance minister co-chaired the steering committee on the NDP, will also be giving us his thoughts on the report of the Lagos State Panel of Inquiry on Restitution for Victims of SARS Related Abuses and Other Matters, which was presented yesterday to Governor Babajide Sanwo-Olu.