The Minister of Finance, Budget, and National Planning, Zainab Ahmed, has disclosed that Nigeria’s economic plans performed below expectations as a result of lack of cooperation.
Ahmed said various governments at all levels must work together to come up with policies that would address the different issues that could attempt to weaken the economy.
According to her, “There is a need for an urgent strategy to develop a more resilient and sustainable economic model that could stand the test of time.
“Achieving this would require maximum cooperation and collaboration at all levels of government.”
The minister added that since the administration of President Muhammadu Buhari came into power, there have been deliberate efforts to achieve this goal.
“The ongoing Medium-Term National Development Plans (MTNDP) 2021-2025 and Nigeria Agenda 2050 were designed to address these concerns.
“You would agree with me that previous plans witnessed a varying degree of successes. For instance, the Economic Recovery and Growth Plan (ERGP) 2017-2020, which was crafted in the wake of the global economic meltdown of 2016, was able to pull Nigeria economy out of recession.
“This meeting is an annual event is organised along with the Joint Planning Board (JPB) meeting by the Budget and Planning arm of the Federal Ministry of Finance, Budget and National Planning in conjunction with state governments for policy formulation and implementation of contemporary economic issues with a view to proposing policy options geared towards enhancing the economic management process of the nation.
“The outbreak of COVID-19 in 2020 and its myriad consequences have impacted so much on the economy and norms that it would take decades for the world to recover.
“The economy plunged into another wave of recession in 2020 which was, however, short-lived by proactive measures put in place by the current administration.
“The meeting is aimed at ratifying key resolutions reached in the last two days and to formulate critical actionable strategies towards repositioning the Nigeria economy into a prosperous and all-inclusive one.
“I, therefore, implore your cooperation as true citizens in the development of our great country, towards the realisation of the objectives of this meeting.
“At the two-day hybrid meeting, participants deliberated on ways of charting a new economic pathway that will sustain national development.”