Nigeria to unveil 5-year economic development plan

Nigeria is set to unveil a new five-year economic plan in October this year, following the expiration of the Economic Recovery and Growth Plan (ERGP) last year. The new plan, dubbed the Medium-Term National Development Plan, is expected to span from 2021 to 2025 and aims to elevate millions of Nigerians out of poverty while promoting economic stability in the country. Tilewa Adebajo, CEO of CFG Advisory, joined CNBC Africa to provide insights into what the new plan entails. Reflecting on the previous ERGP, Tilewa highlighted that many of the targets set, including those related to unemployment, inflation, and oil production, were not met. He emphasized the importance of setting realistic goals and learning from past shortcomings to ensure the success of the new plan. Tilewa also noted the National Poverty Reduction with Growth Strategy, a 10-year program recently approved by the government to address poverty alleviation. Despite attributing some economic challenges to the impact of the COVID-19 pandemic, Tilewa emphasized that pre-COVID economic growth was already fragile. With GDP growth currently below population growth rates, he underscored the need for rapid economic expansion to make a substantial impact on the ground. Achieving targets such as lowering inflation, ensuring foreign exchange stability, and creating millions of new jobs requires coordinated government policies and effective implementation. Tilewa stressed the importance of aligning the new development plan with existing poverty reduction strategies and emphasized the need for timely and practical execution. With limited time left in the current administration's term, he urged the government to focus on laying a strong foundation for sustained economic growth to benefit future administrations. Strategic and focused policies are essential to address the challenges and opportunities facing Nigeria's economic landscape. As Nigeria prepares to unveil its new five-year economic roadmap, stakeholders and citizens alike await the details of the plan and its potential implications for the country's economic trajectory and social well-being. The successful implementation of the Medium-Term National Development Plan could pave the way for a more prosperous and stable future for Nigeria.