The House of Representatives on Tuesday moved to adopt a 40-year long social economic development framework for Nigeria.
To this end, the House mandated the committee on Economic Planning to ensure compliance.
The motion entitled’NEED FOR NIGERIA TO DEVELOP AND ADOPT A LONG TERM SOCIAL-ECONOMIC DEVELOPMENT FRAMEWORK’ was moved by Hon Henry Nwawuba, PDP, Imo.
Nwawuba in his submission noted that “Strategic Economic Development Frameworks are integral to achieving SMART sustainable and measurable economic growth, as well as quality human capital and infrastructural development.
Stressing that “the significance of Nigeria’s past development master plan; most recent being the just expiring Economic Recovery Growth Plan (ERGP) and Vision 20:2020 in directing efforts and strategies of government towards targeted developmental objectives.
He said “the need for Nigeria to consolidate her leadership role in Africa by establishing herself as a significant player in the global economy and Africa’s political arena through sustainable developments and viable economic diversification.
“That diversification of Nigeria’s economy is the only viable way to survive the current global economic uncertainty with the unpredictability of international oil prices, decline in the nation’s foreign exchange reserves from $45 billion recorded in June 2019 to $36.2 billion in March 2020 and growing concern of post COVID-19 global economic outlook as businesses close down across the world.
“That the Sustainable Development Goals (SDGs) were developed by the United Nations (adopted by all Member States in 2015) on the expiry of the initial Millennium Development Goals (MDGs) as a universal call to action to end poverty, protect the planet and ensure that all people enjoy peace and prosperity by the year 2030.
He expressed worry that” Nigeria did not achieve its goal of vision 20:2020 as projected by Chief Olusegun Obasanjo in the year 2000 – that is for Nigeria to be among the first 20 leading economies of the world by this year 2020. This was not unconnected with lack of policy will and concerted effort towards achieving the goal.
“That crude oil which has dominated Nigeria’s foreign exchange earnings are currently undergoing price fluctuations as a result of changes in global realities and energy efficient innovations which pose a threat to fossil fuel in global market place.
“Dismayed that today Nigeria is glaringly far from achieving the vision 20:2020 goal but seems to have further gone down among the poverty stricken nations of the world, even though the GDP component was almost achieved.
” The current world ravaging novel Corona Virus (COVID-19) has revealed our nation’s unpreparedness to manage pandemics and progressive population despite Nigeria’s oil revenue of over 80 trillion dollars in 40 years.
“Visions and projections are what inspire first and second world nations (like America, UK, China and UAE) to achieve projected developmental goals by taking proactive steps towards building the requisite institutions which enables massive industrialization, political and economic development in line with evolving viable international policy model.
He urged “the Federal Government to develop a SMART 40 year Economic Master-plan and Development Strategy and an economic framework to implement the strategy.
Concluding, Nwawuba urged “all core agencies of government to articulate a long term agenda anchored on the Government’s long term economic development strategy and framework.
