House Charges FG to Develop 40-year Strategic Economic Master Plan

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Constitutional Roles of the House of Representatives ~ The ...




The House of Representatives has urged the federal government to develop a 40-year ‘Strategic Economic Master Plan and Development Strategy’ to survive economic uncertainties.



It also urged all relevant agencies of the government to articulate a long term agenda anchored on the government long term economic development strategy framework.



The House took the decision following the adoption of a motion moved by Hon. Henry Nwawuba at the plenaryon Tuesday, stressing  that strategic economic development frameworks are integral to achieving SMART sustainable and measurable economic growth as well as quality human capital and infrastructural development.



The lawmaker also stressed the significance of Nigeria’s past development master plans, most recently being the about-to-expire Economic Recovery Growth Plan (ERGP) and Vision 20:2020 in directing efforts and strategies of government towards targeted developmental objectives.



Nwawuba said for Nigeria to consolidate its leadership role in Africa by establishing itself as a significant player in the global economy and Africa’s political arena, there is need for sustainable developments and viable economic diversification



He emphasised that "diversification of Nigeria’s economy is the only viable way for the country to survive the current global economic uncertainty with the unpredictability of international oil prices; decline in the country’s foreign exchange reserves from $45 billion recorded in June 2019 to $36.2 billion in March 2020 as well as growing concerns of post-COVID–19 global economic outlook as businesses close down across the world."


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