Council charged with creating a roadmap to place Nigeria’s economy within Top 20 by 2020

Daily Trust - Nigeria: 7-Point Plan - National Economic Council to Draw up Roadmap
World News - President Yar'Adua Inaugurates National Economic Council

The newly formed National Economic Council (NEC) was inaugurated earlier this week in Abuja. The NEC has been charged with creating a roadmap to enact the Yar’Adua administration’s seven point agenda for economic regeneration in the hopes that Nigeria will become one of the world’s twenty largest economies by 2020. The NEC will be responsible for advising the President about the economy and national economic policies and programs in line with the 1999 Constitution of the Federal Republic of Nigeria.

The administration’s seven point agenda to promote significant development and prosperity for Nigeria consists of the following: (1) power and energy – development of effective and adequate power and energy sources; (2) food security and agriculture – attempt to eradicate extreme poverty and hunger; (3) wealth creation and employment; (4) mass transportation – exploration of railways and inland waterways to facilitate movement of people and goods; (5) land reform – protect environmental and cultural resources, use land as a sustainable source of revenue, and improve land access by the poor and traditionally disenfranchised; (6) security – increased security of life and property; and (7) qualitative and functional education – increased enrollment and completion of educational programs.

In line with this economic regeneration, President Umaru Yar’Adua stated, “We have to create more jobs; inflation must be reduced; interest rates need to be forced lower; the private sector has to be more actively engaged by government in more productive partnership that will propel the growth of our economy; and naira must continue to maintain a stable exchange rate against the major currencies.”

Discussion question:
Will this economic plan spur sustained growth in Nigeria?