FG says N348 trillion investment commitments needed to fund 2021-25 National Development Plan

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The Government of Nigeria has announced that the 2021-25 National Development Plan (NDP) will require N348.1 trillion in investment commitments and this commitment will not come from government alone because the private sector must contribute 80%.

This is exposed through the Nigerian Minister of Finance, Mrs. Zainab Ahmed on Thursday in Abuja at the inauguration of the Board of Directors of the Nigeria Small and Medium Enterprises (SMEs) Forum.

President Buhari inaugurated the NDP last year to succeed in the Economic Recovery and Growth Plan (ERGP 2017-2020).

What he said:

The Minister of Finance said that the Ministry of Finance Budget and National Planning Commission is developing a National Development Plan 2021 to 2025.

He noted that the plan cannot be achieved by the government alone; the private sector and SMEs will play a major role in the implementation of the plan.

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“To effectively implement the 2025 plan, it is expected to achieve an economic growth rate of 4.6%.

“It is also expected to lift 35 million people out of poverty and create 29 million jobs.

“To achieve this objective, a total of N348.1 trillion investment commitments are needed and this commitment is not from government alone.

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“In fact, 80% of these resources come from the private sector.

“The sum of N298 trillion will be financed by the private sector.

“We expect SMEs to fund part of this as part of the private sector contribution, while N49.7 trillion is expected from the government,”‘ the minister said.

The Chairman of the Forum, Dr. Albert Akinyemi, expressed concerns over the rejection of some Nigerian products abroad because of their low quality, citing quality and the Federal Government is aware of this and is trying to address it.

He added “the Federal Government has had many interventions but because of what I will call the Nigerian factor, the story is not good.

“Some people blame the Federal Government but this is not true; the problem comes from the SMEs themselves and the officials.

“For example, some banks will say we don’t have experience or collateral security,” he said.

What you should know

  • Nairametrics reported last year President Muhammadu Buhari officially inaugurated Nigeria’s National Development Plan 2021-2025 to succeed the Economic Recovery and Growth Plan (ERGP 2017-2020).
  • The Minister of Finance, Budget and National Planning, Dr. Zainab Ahmed, said,“The NDP 2021-2025 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 ERGP 2017-2020 is helping the country to get out of the economic recession of 2017 and maintain moderate growth until the recent global economic challenges caused by the COVID-19 Pandemic.
  • “The current challenges are the products of years of inappropriate policies, fiscal leakages, and global economic events.”
  • The National Development Plan 2021-2025 focuses on six broad goals that include: Economic diversification, Investment in infrastructure, Security and good governance, Educated and healthy population, Poverty alleviation, and Economic and social development throughout the state.

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