Vice President Yemi Osinbajo is to lead the federal government’s National Economic Development Plan (NDP) of N348.7 trillion.
The ambitious project, which some experts tagged as a “serious stimulus package if well-coordinated and executed” would be driven by the public and private sectors.
Atedo Peterside, an entrepreneur, investment banker and founder of Stanbic IBTC Bank Plc, is to serve as co-chair.
The amount earmarked for the five-year plan almost doubled Nigeria’s Gross Domestic Product (GDP) which was estimated at $429.42 billion (N176.315tr) as of 2020.
GDP is the total monetary or market value of all the finished goods and services produced within a country’s borders in a specific period.
The approval was announced Wednesday after the Federal Executive Council (FEC) meeting presided over by Vice President Yemi Osinbajo.
The Minister of Finance, Budget and National Planning, Zainab Ahmed, told reporters that the new initiative replaced the Economic Recovery and Growth Plan (ERGP) set to elapse in December this year.
The minister said the public sector would contribute N49.7 trillion (14.3%) to the investment size, and the private sector N298.3 trillion (85.7%).
She said the plan was structured on economic growth and development, infrastructure, public administration, human capital development, social development and regional development.
According to her, the funding strategy includes broadening the tax base and expanding the capacity of the private sector through creating investment opportunities and delivering quality engagements and incentives.
She added that the plan was underpinned by a macroeconomic framework that projects average GDP growth of 5% over the plan period.
