Challenges facing the achievement of the Nigeria vision 20:2020

Olumide S. Ayodele*, Frances N. Obafemi and Friday S. Ebong

Department of Economics, University of Calabar, Calabar, Nigeria

*Corresponding Author E-mail: ayodeleolumide@gmail.com; Phone: +234 8064 010 500

Accepted 30 July, 2013

Abstract

Nigerian is blessed with abundant human and natural resources, including vast fertile soil and pleasant climate suitable for agriculture. Thus, the country has the potential to build a prosperous economy. If well harnessed and utilised, these endowments are capable of transforming the economy to be among the industrialised economies of the world in no distant future. Unfortunately, Nigeria is yet to realise this potential. Several efforts have been made to produce a suitable framework for socio-political and economic development in Nigeria. The latest being the country's vision of becoming one of the World’s 20 largest economies by 2020. This paper appraise the strategies articulated in the NV20:2020 blue print and suggest measures necessary for the realization of the vision drawing from the lessons of experience in the implementation of previous development plans and the experiences of South East Asian countries in vision design and execution. Considering these experiences and key issues of concern in the strategies for achieving the vision, the paper recommends that citizenship needs to be emphasized above ‘indigeneship’ and that the leadership need to carry the people along for the actualization of the vision. On this, the administration must act in ways that would earn the people’s trust. In addition, Nigeria needs to demonstrate greater control of the economy, especially the oil and gas sector. Hence, the Local Content Act needs to be effectively implemented to achieve this. It is also considered critical to make the non-oil sector investment climate conducive to transform the areas into sources of employment and revenue in the country. More importantly, the neglect of the agricultural sector needs to be addressed and the land law reform legislation need to be effectively implemented to make more land available to farmers. The paper also emphasizes the need for collaboration between security organizations in the country for more effective crime control. It also suggests that sub-national governments be given more fiscal authority in terms of expenditure allocations and revenue management.

Keywords: Economic Development, Development Plan, Sustainable Economic Growth, Vision 2020.