Achieving 2021-2025 National Development Plan Will Cost Nigeria 348.1tn – Buhari

President Muhammadu Buhari says Nigeria needs an investment size of N348.1 trillion to achieve the targets set out in the National Development Plan (NDP) 2021-2025.

Mr Femi Adesina, the President’s spokesman, said the president stated this at the formal launch and public presentation, on Wednesday in Abuja, of the National Development Plan (NDP) 2021-2025, the successor to the Economic Recovery and Growth Plan (ERGP), 2017- 2020, which lapsed in Dec. 2020.

According to President Buhari, the overall target of the Plan is to achieve a broad-based real GDP growth rate of 5 per cent on average during the Plan period; generate 21 million full-time jobs; and through inclusive growth, lift 35 million people out of poverty.

He added that this would set the stage for achieving the government’s target of lifting 100 million Nigerians out of poverty in 10 years, under the National Poverty Reduction with Growth Strategy (NPRGS).

To achieve these, the president noted that out of the investment size of N348.1 trillion, the government is expected to provide N49.7 trillion or 14.3 per cent, while the private sector would provide the balance of N298.3 trillion or 85.7 per cent.

‘‘This implies that successful implementation of the Plan will require a strong partnership between the public and private sectors.

‘‘In this regard, a Development Plan Implementation Unit, headed by the Vice President, with the Minister of State, Budget and National Planning as the Vice-Chair, will be established in the Budget and National Planning arm of the Ministry,” he said.

According to him, this is to ensure overall coordination with the Ministries, Departments and Agencies; sub-national governments; Private sector operators and Civil Society Organizations.

The president recounted that the Federal Executive Council (FEC) had on Nov. 10, 2021, approved the Draft National Development Plan, 2021-2025, which was the first of the envisaged Medium Term development Plans to implement the Nigeria Agenda 2050.

‘‘The Plan, as a matter of deliberate efforts, is comprehensive and has the capacity not only to accelerate and sustain national development but also to attain various Regional and Global Agendas, including the AU Agenda 2063, ECOWAS Agenda 2050 and the UN Sustainable Development Goals, 2030.

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