Nigeria is 39th largest economy, says Minister.

By Gbenga Omokhunu, Abuja.

• Usman

 

• Vision 20: 2020: Jonathan moves against failure

The Federal Government yesterday said latest indices on the nation’s Gross Domestic Product’s (GDP) performance level indicated that the domestic economy has inched up to the 39th position among the leading economies in the world.
This is with prospects that the ranking would get better if the ongoing Gross Domestic Product rebasing exercise is concluded.
Giving the hint during the inauguration of the Central Working Committee (CWG) on the review of the implementation of the First National Implementation Plan (NIP) for the Vision 20: 2020 in Abuja, the Minister/Deputy Chairman ,  National Planning Commission (NPC), Dr. Shamsuddeen  Usman, said the development showed clearly that the on-going Transformation Agenda of the Federal Government, particularly its three-phased National Implementation Plan components, is achieving the desired results.
He described the work of the Committee as crucial to government’s efforts to reposition the nation’s economy as one of the biggest globally by the year 2020, and therefore assured them of necessary support that would help  accomplish the assignment given them.
“What gets measured is done. By setting a target and measuring the progress that we are making, we are more likely to achieve desired result.  But from the way we are tracking and really pushing, we  have actually climbed to about 39 from the 44 we have been. So you can see we are making progress there in terms of GDP per Capital and we are going to make another big progress when the GDP rebasing figures come out.” 
The 1st NIP which commenced in 2010 is scheduled for completion next year and it provides a strong foundation for implementation of subsequent plans in the next eight years. The 2nd NIP is slated for implementation in 2014-2017 fiscal period.
He said President Goodluck Jonathan has approved that the NPC should champion the effort of developing for Nigeria a National Integrated Infrastructure Master Plan, adding that Jonathan  is concerned that despite a lot of efforts given to infrastructure: “it is unfortunate that its not been done in a coordinated or  integrated manner. 
His words: “President Goodluck Jonathan has also approved that the National Planning Commission (NPC) should lead the effort of developing for Nigeria a National Integrated Infrastructure Master Plan. Right now there are a lot of efforts given to infrastructure. But unfortunately it is not been done in a coordinated or in an integrated manner.
“All the states are involved in the sense that when we were doing this plan we took into account the plans of all the 36 states including the Federal Capital Territory (FCT). 
“I think we are making progress with the Vision 20: 2020 but you see what get measured get done, I always repeat this statement, we are measuring and we brought a professional group of people and it is just government that is involved. 
“We do not want to come out with an assessment that will not involve other sectors  and people will later complain that it was because it is only government. Now we have put together a very technical independent group that will be able to come up with an assessment. 
He said the key elements of the first NIP, which has as its theme, ‘Accelerating Development, Competitiveness and Wealth Creation for All,’ are the overall macroeconomic targets of GDP of $300 billion by 2013; Per Capital Growth of $2,008, up from $1,075, achievement of average GDP growth of 11 per cent and a total projected investment of N32 trillion.
The Committee, chaired by  Moses Akpabosa, has its Terms of Reference as, determining the scope of the first NIP review period; developing and agreeing on template for the review; determining the structure and format for the review of the First NIP; and working closely with MDAs and National Planning Commission with a view to obtaining relevant inputs on the achievements of the Key Performance Indicators and reviewing the macroeconomic framework and other sectoral targets for the Plan period.
Others are, producing a detailed Report of the review, highlighting key gaps and challenges at macro and sectoral levels, and propose necessary solutions; arranging stakeholders’ validation of the Report; and articulating the preparatory activities for production of 2nd NIP 2014-2017, amongst others.