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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