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buhariOn Wednesday, December 22, Nigerian President Muhammadu Buhari inaugurated the National development plan 2021-2025 in Abuja. This national plan is designed to replace the Economic Recovery and Growth Plan (ERGP 2017-2020).

At the ceremony, Dr. Zainab Ahmed, Minister of Finance, Budget, and National Planning, said the government aims to take action to change the country’s infrastructure. She further added, “The NDP is designed as our medium-term Development Plan to succeed the Economic Recovery and Growth Plan (ERGP 2017-2020), which ends in December 2020.”

The Economic Recovery and Growth Plan (ERGP) 2017-2022 managed to assist the economic recession in 2017. Also, it helped maintain the economy’s growth until Nigeria faced the consequences of the global Pandemic Covid -19. Zainab further added, “As it is confirmed that the inaccurate policies, insufficient global economic plan, and fiscal leakages gave rise to the economic constraints and current challenges.”

This four-year national development plan has been launched to improve the country’s fundamentals and various development plans. It aspires to increase the efficiency and potency of the businesses because of the new economic development plan.

She added, “The plan is a pointer to the type of Nigeria we all desire and encourages the use of science, technology and innovation to drive growth.” It will help Nigeria to achieve economic success and make a potential move on a global level. Not only this, the successful implementation of this plan will positively impact this country’s future.

According to her, the Economic Recovery and Growth Plan will not only cover the aftermath of the unstable economic conditions, but also strengthen the other development projects across the six Geo-Political Zones, which will open new opportunities to the rural population of Nigeria.

The Minister of Finance confirmed that the national development plan would improve the acceleration of the global and regional agendas. It will also cover the ECOWAS integration Agenda 2050, the Sustainable Development Goals 2030, and AU Agenda 2063. Moreover, the Nigerian people will have more options to compete on the international level.

In the last few years, the country has suffered different losses. ERGP 2021-2025 will balance the financial hindrance produced due to the limited resources and potentials. The four years’ national development plan will also successfully change the country’s infrastructure and bring improvements in the economic values too. It will completely replace the old and nonfunctional financial plan.

At this moment, this country has seven percent GDP. This plan will increase the revenue by up to 15 % of the gross domestic program (GDP). It is going to happen for the first time in the history of Nigeria.

With this plan in the pipeline, the Nigerian government has pinned all its hope on this new Economic Recovery and Growth Plan. Thus, they are ready to take serious actions to boost the Nigerian economy. As per the officials, the coming four years will be leading the businesses and other economic policies towards growth and prosperity. The country will have more potential to deal with inflation, bad economic conditions, and other development issues. It would also bring effective changes in the technology and science sectors.

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