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FG earmarks $2.9tr for infrastructure

By BusinessNews Staff on April 3, 2014

The Federal Government has developed a 30 year Infrastructure Master Plan with a projected investment outlay of $2.9 trillion.

The Supervising Minister of National Planning Ambassador Bashir Yuguda disclosed this at the ongoing 7th Joint Annual Meetings of the Economic Commission for Africa, ECA’s conference of African Ministers of Finance, Planning and Economic Development currently holding in Abuja.

The Minister said the 30 years infrastructure Master plan is a homegrown strategy of federal government to actualize its Vision 20:2020 objectives.

He added that it was in line with this goal that the Government’s Transformation Agenda was also developed.
“The government has also developed a 30 year Infrastructure Master Plan with a projected investment outlay of $2.9 trillion.

“At the national level in Nigeria, we have articulated a long term strategic development blueprint, tagged Nigeria Vision 20:2020. This is our homegrown, strategic development agenda for stimulating economic growth and launching the country onto a path of sustainable and rapid economic development.

“It is also aimed at moving Nigeria to the league of the top 20 economies by the year 2020, with a GDP of not less than US$900 billion and per capita income of US$4,000 per annum.

“As part of the efforts towards deepening economic management, the Government’s Transformation Agenda was also developed. This is a blueprint of key policies, programmes and projects to be implemented between 2011 and 2015,” said the Minister.

On development planning, Yuguda said, “Credible economic agenda and indeed strategic planning is a ‘sine qua non’ for good governance, economic development and the well being of our citizens.

Experience has also shown that countries, such as India and Malaysia, Brazil, which have committed themselves to the sustained implementation of medium and long term strategic plans have registered significant improvement in their economic performance.”

The Minister further urged African leaders to pursue policies that would ensure that the current growth momentum on the continent is more resilient to external shocks and translates into desirable social outcomes as a means of deepening development on the continent.

He noted that, “Africa’s economic emergence and transition from a continent of low-income into middle -income economies, requires changing the economic structure from predominantly agrarian to industrial and making the most of its large reservoir of natural and agricultural resources.

“This will significantly boost the economic performance of the countries, as well as lift many Africans out of poverty through employment and wealth creation. This however requires conscious planning,” he said.

[Vanguard]

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