As a successor to the Economic Recovery and Growth Plan (ERGP) which elapsed in December 2020, the National Development Plan (NDP) spanning from 2021-2025 is consistent with the Federal Government of Nigeria’s pursuit of the socio-economic transformation of our country as envisioned in the Nigeria Agenda 2050. The NDP also provides an opportunity for forging and developing strong partnerships between the public and private sector as both sectors will invest a total of N348.1 trillion to see the plan to fruition.
Taking a cue from the achievements of and the lessons learned from the ERPG, the NDP is designed to use a multi-sectoral approach to implement simultaneous and coordinated interventions.
The plan was developed with 5 strategic objectives:
- To establish a strong foundation for a diversified economy, with robust MSME growth, and a more-resilient business environment;
- To invest in critical physical, financial, digital, and innovation infrastructure, (3) to build a solid framework and enhancing capacities to strengthen security and ensure good governance;
- To enable a vibrant, educated, and healthy population;
- To investing in the social infrastructure and services required to alleviate poverty;
- To promote development opportunities across States to minimize regional economic and social disparities.
Over the duration of the NDP, government focus will be directed towards sectors with the capacity to ease unemployment while making an impact on the sector and economy at large, with the aims of achieving an average economic growth of 4.6% by 2025, lifting 35 million Nigerians out of poverty, creating 21 million full-time jobs, and raising the revenue to GDP ratio to 15%.
The major planks of the plan, which should be of interest to entrepreneurs, are: