G20 Summit and Nigeria’s Vision 2020

Canada plays host to this year’s G20 Summit between June 24th to 26th 2010. The Summit is an annual event where the member nations discuss current concern and brainstorm to take positions on major global issues with the view to forging an effective economic partnership.

An initiation of a group of eight (G8) world’s economic giants namely US, UK, Italy, Japan, France, Germany, Russia and Canada, the Summit Group is considering replacing the G8 to G20 in order to accommodate other developing economies of the world. It was to this end that, the Group extended Invitation to other potentials economic countries including Nigeria, India, Brazil and South Africa to participate at the 2010 Summit.

Nigeria’s invitation to participate at the Summit is no doubt a big boost to its quest of becoming an economic giant and be among the elite club of the top 20 economically strong nations as envisioned by Nigeria Vision 20: 2020 economic blueprint document.

Opportunities are bound for Nigeria to promote and sell its economic interests to the international community through this Summit. Investment opportunities in our critical economic sectors such as power, health, education, infrastructure, agriculture and technology should be our priorities of offers at the Summit as this will go along way to fast track our Vision’s aspiration by the year 2020.

To derive the maximum benefits of the Summit, Nigeria must use this opportunity to expand and consolidate its trade ties/agreement with the members of the group. Attracting Foreign Direct Investment (FDI), support and partnership especially in the various sectors identified by the Vision 2020 document should be among the top priority area for Nigeria at the Summit. This opportunity would in no small measure consolidates and expands Nigeria’s trade and economic ties with the economic giants and accelerate achieving the Nation’s GDP of not less than $900 billion and Per Capita Income of not less than $4000 per annum which the Nigeria’s Vision has targeted for Nigeria.

As a nation of vast potentials and economic opportunities, rapid economic development can be achieved by Nigeria through this forum. Nigeria has over a long period of its chequered political history came up with various policies and implemented different measures toward boosting its economy.

The current Vision 20: 2020 economic policy strategy is yet another economic blueprint geared towards boosting Nigeria’s economy. It is a collective effort of all stakeholders and a master plan that will break the jinx in the quest to have a Strong, diversified, sustainable, competitive and technologically enabled economy.

As a product of an in depth researched work coordinated and carried out by the National Planning Commission (NPC), the document has now becomes a policy guide for Nigeria’s national economic planning.

In NV 20:2020 therefore, the NPC by its mandate as a think tank and focal point for national development planning and economic management has provided the necessary strategy for the nation’s economic policy. It is in this direction, the Federal Government, directed all Ministries to work out their plan of action and key in all their projects to line in with the Vision  Policy Document.

However, in order to fast tract achieving the goal/vision, the NPC has further made an easy guide to the MDAs as regards to their action plans. It has segmented the implementation plan of the Vision in to a four year medium term implementation that will cover the periods 2010-213, 2013-2017 and 2017-2020 for the first, second and the third implementation plans respectively.

The first implementation plan has been unveiled by President Goodluck Jonathan at a Retreat held at the Presidential Villa recently. Its focus is on Public Private Partnership (PPP) Imperative for Infrastructure Development. NPC and Infrastructure Concession Regulatory Commission (ICRC) have jointly facilitated the Presidential Retreat. The first plan will now guide the MDAs to identify key infrastructure projects outlined in the plan and the PPP projects implementation lined up for the Country during the first four years implementation stage of the Vision.

The NPC under Dr. Usman has also reassured that the Vision will achieve greater success because the Federal government is committed and will continue to accord optimal attention to the Private sectors input in policies formulation and strategies because the efficacy of their views has been proven in turning the economies of a number of countries in the world.

Hence having this opportunity to participate at a world class summit of powerful economic nations in the world at this critical period of our quest to launch our economy to greater high is in deed a golden opportunity for a struggling/developing economy of ours. All hands must therefore be on deck for Nigeria to realize its vision and aspirations as properly and strategically defined in the Vision 20:2020 economic blueprint.

Salisu Badamasi Haiba
Head of Information
National Planning Commission
Abuja

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