Business

Analysts: Poor implementation hinders economic recovery plans

As the Federal Government prepares to launch its latest development plan – the 5-year Medium- Term National Development Plan (MTNDP) – next month, analysts at CSL Research have identified “poor implementation” as the reason why the objectives of  previous economic recovery plans were not met.

 

In a report obtained by New Telegraph at the weekend, the analysts emphasised that in order to achieve the major objective of the proposed MTNDP – tackling misery – government must pay adequate attention to the “Fundamental problems causing unemployment and poverty.”

 

The analysts stated: “For over a decade, the Nigerian government has been initiating several economic recovery plans to stimulate the economy and diversify the country’s revenue base.

 

The 7-point agenda (2007) during the late Umar Musa  Yar’Adua administration, the Vision 20-20 (2010), National Industrial Revolution Plan (2014) and the Nigeria Integrated Infrastructure Master Plan (2014) of the Goodluck Jonathan administration are a few.

 

“To change the national economic trajectory, the current administration introduced the Strategic Implementation Plan (SIP) for the 2016 Budget of Change to put the economy on the path to sustainable growth and development.

 

“The most recent was the Economic Recovery and Growth Plan (ERGP) designed as a medium-term intervention plan in 2017 to pursue economic diversification and ensure sustained, inclusive economic growth following the sharp fall  in oil prices that affected the Nigerian economy in 2016.

 

“However, despite the many efforts, the current realities remain a far cry from projections.

 

Whilst the past and current administrations have attained varying levels of progress, poor implementation has been the reason behind the slow progress. The rising costs of governance and debt commitments have also widened the country’s infrastructural deficit, an obstacle to capital inflows and reduced private sector confidence in the economy.”

 

They further stated: “In our view, the overarching theme of the proposed plan, which is to tackle misery, requires paying attention to the fundamental problems causing unemployment and poverty. Currently, over 70 per cent of the jobs in the country are provided by medium, small, and microsized businesses (MSMEs).

 

“Consequently, there is a need to improve the ease of doing business in the country.

 

While the government has provided no specific details about the proposed plan, we believe a rejig of the regulatory framework guiding businesses to accommodate contemporary ideas and innovations should be a major part.

 

In effect, restoring the economy to the path of accelerated inclusive growth is hinged on proactive measures to correct the long-term structural issues affecting the country.”

 

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