The Nigerian House of Representatives says it would continue to articulate a strategic legal framework to harness National potential for economic sustainability and growth.
Speaker House of Representatives, Mr. Femi Gbajabiamila stated this in Abuja, at a one-day public hearing on a bill on the need for Nigeria to develop a long-term social and economic development framework vision.
Represented by the Deputy Minority Leader of the House, Mr. Toby Okechukwu, the Speaker emphasised the need for a long-term plan for Nigeria to overcome the effect of global economic challenges posed by the Covid-19 Pandemic.
“A national Long-term Social and Economic Development Framework will jointly, across government and the private sector, critically analyze our present situation. And following from that, articulate a strategic framework with broad acceptance by critical stakeholder groups to provide a pathway towards fixing the malaise that has too long mitigated against attaining our fullest national potentials.
Such a framework will not be a product of politics or a tool for politicking. It is a foundation for national rebirth, as has been done successfully in other parts of the world,” Mr. Gbajabiamila added.
Earlier, the Chairman House Committee on National Planning, organisers of the public hearing, Mr. AbdulGaniyu Oladodo said the bills under consideration were to prepare Nigeria for emergencies that would lead it to economic prosperity.
“The world is racing away from the extractive economic model towards a knowledge economy model that prizes technological innovation and the marketplace of ideas over heavy industry and trade in natural resources.
At present, we are entirely at the mercy of fluctuations in the global price of oil and gas at a time when it is increasingly evident that prices are on a sustained downward trend. This is not sustainable.” Mr. Olododo explained.
Minister of State, National Planning, Mr. Clem Agba explained that the government through the ministry has already drawn a framework for Nigeria’s post-oil economic growth that would give priority to agriculture in line with its diversification policy.
He said “The ministry considered many factors in the preparation of the Medium Term National Development Plan and Nigeria Agenda 2050 which include the review of African Union Agenda 2063, ECOWAS Vision 2050 and SDGs 2030.
It also constitutes thematic areas solely for Digital Economy, Bio-Economy, Science, Technology and Innovation, Culture, Tourism, Creative Industry and Hospitality.”
Stakeholders at the event stressed the need for a review of the country’s education system as well as a comprehensive manpower plan, to drive the implementation of the proposed National Development Plan.
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