Vice President Yemi Osinbajo has insisted that Nigeria’s development plans must promote economic flexibility for all and be flexible enough to absorb shocks and adapt swiftly to changing domestic and international conditions.
Osinbajo spoke yesterday in a keynote address he delivered virtually at the 19th meeting of the National Council on Development Planning themed, ‘National Development Planning in Nigeria: Issues and Challenges’.
He said: “It is generally agreed that the primary purpose of planning in our economy is to accelerate growth and development outcomes that will improve the lives of Nigerians.
“To be meaningful, our planning processes must lead to tangible outcomes in the form of growth that exceeds population growth. Indeed, our plans must bring about an economy and society that works for all Nigerians.”
Referencing the Federal Government’s Social Investment Programmes (SIPs) as an example of deliberate efforts aimed at ensuring inclusive growth, the Vice President said that an aspect of national planning that was often overlooked was how to manage distributional outcomes in a rapidly changing economic environment.
“This point is readily understood if we recall that the strength of feelings on issues like the national minimum wage or indeed the deregulation of PMS prices is related to their expected impact on the poor segments of society.”
“It is accordingly important when drawing up national plans to take account of the interests of the more vulnerable members of society. This is why social investment and social protection are at the heart of the Buhari Administration’s policy interventions,” continued the Professor.
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