African leaders have been urged to pursue policies that will ensure that the current growth momentum on the continent is more resilient to external shocks and translates into desirable social outcomes as a means of deepening development on the continent.
Nigeria’s Supervising Minister of National Planning Commission, Bashir Yuguda made the appeal in Abuja recently during his welcome address at the 7th Joint Annual Meeting of the Economic Commission for Africa’s conference which hosted African Ministers of Finance, Planning and Economic Development.
“Africa’s economic emergence and transition from a continent of low-income into middle -income economies requires changing the economic structure from predominantly agrarian to industrial and making the most of its large reservoir of natural and agricultural resources,” he said. According to him, this will significantly boost the economic performance of the countries, as well as lift many Africans out of poverty through employment and wealth creation. This however, requires conscious planning.
Yuguda stressed that empirical evidence from developed, newly industrialized and emerging economies has shown that sustainable development cannot be achieved on a weak industrial base, adding that strategic planning plays a key role in economic growth and development.
In this regard, Yuguda emphasised that the Nigerian Government has developed a National Industrial Revolution Plan (NIRP) and the National Enterprise Development Programme (NEDEP), aimed at ushering in a new era for industrial, micro, small and medium enterprises development in Nigeria.
“It will fast-track industrialisation, accelerate inclusive economic growth, job creation, transform Nigeria’s business environment and stop the drain on our foreign reserves caused by the importation of what we can produce locally,” he added.
The Planning Minister pointed out that planning is gaining momentum again across the continent, and it is also contributing to remarkable development successes in most African countries.
While making a case for development planning, Yuguda further stated that credible economic agenda and indeed strategic planning is a ‘sine qua-non’ for good governance, economic development and the well being of our citizens. “Experience has also shown that countries such as India, Malaysia and Brazil which have committed to the sustained implementation of medium and long term strategic plans have registered significant improvement in their economic performance,” he revealed.
“At the national level in Nigeria, we have articulated a long term strategic development blueprint, tagged Nigeria Vision 20:2020. This is our homegrown, strategic development agenda for stimulating economic growth and launching the country onto a path of sustainable and rapid economic development. It is also aimed at moving Nigeria to the league of the top 20 economies by the year 2020, with a GDP of not less than US$900 billion and per capita income of US$4,000 per annum.”
As part of the efforts towards deepening economic management, the Minister added that the Government’s Transformation Agenda was also developed as a blueprint of key policies, programmes and projects to be implemented during 2011-2015. He further stated that Government has also developed a 30 year Infrastructure Master Plan with a projected investment outlay of $2.9 trillion.
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