ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGIES

ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGIES (NEEDS) The National Economic Empowerment Development Strategy (NEEDS) is derived from the urgent requirement for value . MEANING AND OBJECTIVES OF NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGIES (NEEDS)

The National Economic Empowerment Development Strategy (NEEDS) is derived from the urgent requirement for value orientation, the objective of which is to sound the message * clearly, that it is not business as usual.

WHAT IS NEEDS, ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGIES (NEEDS)

Therefore, the bedrock of NEEDS is its vision of a Nigeria with, a new set of values and principles, which will facilitate die achievements of national goals of wealth creation, employment generation and poverty reduction.

Since the achievement of these national goals depends on a sound macroeconomic framework, NEEDS has fashioned a reform agenda with emphasis on strengthening the macroeconomic environment, and strengthening the growth agents within the system.

The specific reform programmes in NEEDS

include Government and institutional reforms which entail:

  • Public sector reforms
  • Privatization and liberalization
  • Governance
  • Transparency and anti corruption, as well as
  • Service delivery by government agencies.

NEEDS also specifies private sector reforms which will address issues such as security and rule of law; infrastructure; finance; sectoral strategies; privatization and liberalization; and trade and regional integration.

It also entails a Human Development Agenda or Social Charter, which will focus on health, education, integrated rural development, housing development, employment and youth development, safety nets, as well as geopolitical balance.

Finally, NEEDS specifies its financial and plan implementation strategies. Of course, whatever funds are spent on this programme would be money well spent. Though, NEEDS is a medium-term economic reform programme, its formulation has been made consistent with both short-term realities and long-term imperatives, that derive from the country’s long term goals of poverty reduction, wealth creation, employment generation and value reorientation. NEEDS is becoming a platform for both the Federal and State governments to cooperate more closely. The Federal Government under NEEDS, and the state government under the State Economic Empowerment and Development Strategy (SEEDS), will coordinate a planning framework, with agreed common priorities in agriculture, public finance and public sector reforms, with emphasis on the social sector.

Objectives of NEEDS

NEEDS is therefore fashioning for Nigeria, a common ground for all economic agents to interplay, in a healthy and sustainable manner The objectives are mainly threefold:

  • Poverty Reduction
  • Employment Generation
  •  Wealth Creation

The immediate goals of NEEDS is tc redefine the role of government in the econom;- by deemphasizing the participation government in the running ofbusiness. This is line with the global view that government no business running business. As a corollary the above, it is the responsibility of govi to create an enabling or conducive enviroi for the private sector to thrive, throu legislation, tax regimes and other incentives.

There is synergy as well as cohere between Federal and State reforms, for the time, in a very long time. This has ensured purposefulness, focus and objectivity. The today is a far city from past experience, by these two levels of government, which had sometime! worked at cross-purposes.

The commitment of Mr. President undertake fundamental reforms, and see the through, has left nobody in doubt. The reforms are based on selected programmes. The question of biting more than can be chewed, with all the attendant problems, ISP therefore avoided. The phased programme of the reforms ensures that the shock to the system is not massive at any given point.

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