… to Launch National Bioeconomy Strategic Framework

FG mulls release of 2021-2025 Medium Term Development Plan
President Muhammadu Buhari

By Emanuel Elebeke

The Federal government says the successor Medium, Term National Development Plan: 2021-2025 will be ready soon.

The Plan together with the Agenda 2030 of the federal government is expected to accentuate and provide a coordinated approach for harnessing the inherent potentials of the bio-economy, towards addressing the employment challenge in the country.

The Minister of State for Finance, Budget and National Planning Prince Clem Agba, who disclosed this on Thursday at the workshop on the creating a sustainable Bio-economy in Nigeria held in Abuja stated that the development plan is aimed at deepening the initiatives for diversified growth and sustainable development in the country.

Recall that the Economic Recovery and Growth Plan: 2017-2020, which served as the blueprint in steering the Nigerian Economy away from recession to a path of positive growth ends in 2020.

Agba maintained that the focus of the present administration still remains the tripod of fighting corruption, security, security and economy, which it hope to partly achieve through the implementation of the proposed National Bioeconomy Strategic Framework.
‘‘The ministry is the process of preparing a successor Medium Term National Development Plan: 2021-2025 towards deepening the initiatives for diversified growth and sustainable development.

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‘‘The successor Plan together with the Agenda 2030 is expected to accentuate and provide a coordinated approach for harnessing the inherent potentials of the bio-economy, especially towards addressing the employment challenge in the country.’’

On the workshop, he explained that it was part of efforts towards the production of a National Bio-economy Strategic Framework for Nigeria.

The Minister pointed out that the preparation of Bio-economic strategy by Nigeria is to harness its bio-resources as many countries across the globe had carefully crafted their strategies for efficient utilization of their bio-resources while at the same time ensuring intergenerational equity by safeguarding the environment.

‘‘The workshop is an indication of the current administration’s policy thrust for economic diversification and growth, as well as a commitment to laying the foundation for long-term sustainable development of Nigeria.

‘‘The bio-economy strategy plays a dual role of promoting the growth and diversification of an economy and supporting the country in meeting its commitments in the Paris Agreement. We believe that a well crafted bio-economy strategy will invariably address about half of the Sustainable Development Goals.

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‘‘Nigeria a tropical developing country has huge potentials in bio-resources, especially biomass which could be harnessed to advantage of wealth creation, jobs and enhance the growth and development of the country.

‘‘The diversification of both the economy and the revenue bases becomes critical and of immediate importance. The creation of the bio-economy which covers all the economic sectors will require creating new products and markets that will enhance the growth of the Nigerian economy,’’ said the Minister.

The workshop tagged: Creating a Sustainable Bio-economy for Nigeria,’’ was part of efforts towards the production of a national Bio-technology Strategic Framework for Nigeria.

In his goodwill message, the representative of ECOWAS Commission, Ernest Aubee said the workshop was relevant to ECOWAS member states had embarked on the path of economic diversification, Nigeria being no exception.

While commending federal government for the initiative, Aubee said the framework when completed and operational will bring multiple benefits in the area of agriculture, forestry and all other natural resources sector.

‘‘At the level of ECOWAS Commission, every effort is been made to develop Bioeconomy for the purpose of improving food and nutrition in our region. The Commission has successfully implemented first generation of biotechnology Action Plan and is now working on a second Plan,’’ he said.

Earlier in his welcome address, the Permanent Secretary in the Ministry, Mr. Ernest Umakhihe said the journey for the development of the national Bioeconomy Strategy for Nigeria began in 2018 with the realization that the Bioeconomy has the potential of ensuring the diversification of the Nigerian economy.

Vanguard News Nigeria.

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