The first phase of the implementation of the Vision 20:2020 will cost N32 trillion with private sector to contribute N13 trillion through investment.
Minister of National Planning, Alhaji Shamsudeen Usman disclosed this at a press conference in Lagos on the forthcoming 16th Nigerian Economic Summit organised by the National Economic Summit Group, NESG.
He said that every thematic area scheduled for discussion during the Summit is expected to contribute to the realization of the NV20:2020
The Vision 20:2020 is aimed at making Nigeria one of the 20 largest economies in the world. The country is presently the 39th largest economy, and third fastest growing economy according to the International Monetary Fund, IMF, and the World Bank.
Uman who was represented by Professor Sylvester Monye also of the National Planning Ministry, said that the NV20:2020 Economic Transformation Blueprint was produced through an inclusiveness process, involving over 5,000 distinguished Nigerians.
He said “The NV20:2020 is anchored on two specific targets, namely: achieving by 2020 a GDP of not less than US$ 900 billion and a Per capita income of not less than US$4,000. Similarly, the strategy for implementing the Vision is anchored on three main pillars namely, Guaranteeing the well-being and productivity of our people, optimizing the key sources of economic growth and Fostering sustainable social and economic development.
In recognition of the enormity of the challenges involved in achieving the Vision, the unpredictable nature of the future and the need to regularly review the implementation process and policies, the NV20:2020 economic blueprint will be implemented on the platform of three successive medium term development plans, the first of which spans the period 2010-2013.”
He said “the 1st National Implementation Plan has been completed and approved by the Federal Executive Council for implementation. The theme of the First Implementation Plan (NIP) is ‘Accelerating Development, Competitiveness and Wealth Creation’. The 1st NIP focuses on laying a strong foundation for achieving the Vision.
“The First NIP was equally developed under an inclusive process, with close attention paid to what went wrong and what we need to do differently, especially with respect to issues of governance and leadership challenges which our nation has had to contend with in the last fifty years.
“This Plan is also a national one, as it also incorporates states plans, while respecting the principle of the separation of powers and requiring greater mutual cooperation. The total investment required for the Plan period is an estimated N32 trillion.”