NIGERIA’S PLANNING EXPERIENCE SINCE 1960

NIGERIA’S PLANNING EXPERIENCE SINCE 1960

Development plan is a document that contains the policy framework and programme for the development of a country within a specific period of time. The plan sets national objectives and priorities in development and outlines the programmes and projects that will achieve such.

Economic planning has been recognised by the government as an instrument of economic development. It has come to be accepted as an essential and pivotal means guiding and accelerating economic growth within the framework of the economy by improving the functioning of the market, removing all the obstacles to development, which will result in the improvement of the standard of living of the people.

Nigeria has had several development plans since 1962. They are as follows:

  • (1962 – 1968): The first national development plan of 1962 – 1968 envisaged a total investment of nearly N2.4billion and half of this amount was to come from external sources.
  • The second national development plan (1970-1974): The second national  development plan of 1970 – 1974 envisage a total investment of 62.0 billion by the government. This amount later revised to 6 3.27billion.
  • The third national development (1975 – 1980): The third national  development plan of 1975 – 1980 initially envisage a total investment 6 10.7billion but this was later revised in 1976 to 643.3billion.
  • The fourth national development plan (1981 -1985): The fourth national development plan of 1981 – 1985 envisage a total investment or  capital expenditure of 6 82.0billion. Of this amount, 6 70.5 billion went to the public sector while 611,5billion was allocated to the private sector of the Nigerian economy.
  1. 7. COMPOST
    8. WEED AND THEIR BOTANICAL NAMES
    1. ENVIRONMENTAL FACTORS AFFECTING AGRICULTURAL PRODUCTION
    2. DISEASES
    3. 52. SOIL MICRO-ORGANISMS
    4. ORGANIC MANURINGION

    9. loans for businesses
  2. how to establish enterprises
  3. what is a firm
  4. price equilibrium
  5. scale of preference
  6. concept of economics
  7. economic tools for nation building

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