The House of Representatives has moved to institute a sustainable 50-year national economic development plan for Nigeria, as a bill to that effect scaled second reading Wednesday.
Its sponsor, Hon. Amobi Ogah, described it as “a bold and transformative legislative initiative aimed at addressing one of the country’s persistent development challenges, policy inconsistency and short-term economic planning.”
Presenting the general principles of the bill, Ogah said it seeks to establish a legal binding, long-term economic framework that will guide national development across successive administrations.
He said: “By institutionalising continuity, coordination and accountability, the bill is designed to reposition Nigeria’s economy for sustainable growth and global competitiveness.”
He lamented that Nigeria’s economy has been characterised by a succession of development plans, many of which were ambition in conception but weak in implementation, citing vision 2010 to vision 20:2020 and the Economic Recovery and Growth Plan (ERGP) as example.
“Frequent changes in government priorities, weak institutional frameworks and the absence or legal enforceability have often led to policy reversals, abandoned projects and inefficient use of public resources.
“These structural deficiencies have hindered long-term economic transformation, leaving the country vulnerable to external shocks, particularly fluctuations in global oil prices,” he stated.