Wednesday, April 23, 2014

Nigeria among world’s top 39 economies – FG

Published:

The Federal Government inaugurates Vision 20:2020 review Committee.

Ata Udo

The Federal Government has said that Nigeria’s economy is among the world’s top 39 economies.

According to the Minister of National Planning, Shamsudden Usman, the positive economic performance in recent times has transformed Nigeria’s financial system.

Mr. Usman made this analysis at the inauguration of the Central Working Committee on the review of the first National Implementation Plan (NIP) for the Vision 20:2020 in Abuja on Monday.

He said with the current performance level of the country’s Gross Domestic Product (GDP), the economy has prospects of getting better in the near future.

The minister said the performance of the country’s economy is clearly an indication that “the ongoing transformation agenda of the Federal Government, particularly its three-phased National Implementation Plan components, is achieving the desired results”.

Mr. Usman described the work of the review committee as crucial to the government’s efforts to reposition the country’s economy to emerge one of the biggest globally by year 2020. He assured members of the review committee of necessary support that would help them accomplish their assignment.

“By setting a target and measuring the progress that we are making, we are more likely to achieve our goal, not just sitting back. We may wake up by 2020, if we don’t do anything systematic, and find out that we are now number 50 from 44 in the world.

“But from the way we are tracking and really pushing, we are already there. The latest GDP growth rate shows that we have actually climbed to about 39, from the 44th position we have been. We are making progress in terms of GDP per capita,” the minister said.

The first NIP, which commenced in 2010, is scheduled for completion next year. It should provide a strong foundation for implementation of subsequent plans in the next eight years. The next NIP is slated for implementation in the 2014 and 2017 fiscal period.

According to the minister, the key elements of the first NIP, with the theme: “Accelerating Development, Competitiveness and Wealth Creation for All”, include overall macroeconomic targets of GDP of $300 billion by 2013; per capita growth of $2,008, up from $1,075; achievement of average GDP growth of 11 per cent, and a total projected investment of N32 trillion.

The committee, which has Moses Akpabosa as its Chairman, is mandated to determine the scope of the first NIP review period; develop an acceptable template for the review; and determine the structure and format for the review of the first NIP. The committee will also liaise with the ministries, departments and agencies and the National Planning Commission with a view to obtaining relevant inputs on the achievements of the key performance indicators and reviewing the macroeconomic framework and other sectoral targets for the plan period.

Other terms of reference of the committee include producing a detailed report highlighting key gaps and challenges at macro and sectoral levels and proposing necessary solutions; arranging stakeholders’ validation of the report; and articulating the preparatory activities for production of second NIP 2014-2017, amongst others.

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