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Economics

CURRENT ECONOMIC PLANS VISION 2020

Vision 2020 is an expression of long term objectives hoped to launch Nigeria unto the path of sustained social and economic development by the year 2020. Simply put, vision 2020 is a document that proposes how Nigeria can become one the top twenty most developed nations in the world by the year 2020.

What are the Objectives of Vision 2020?

  1. To maintain GDP growth at an average of 13.8% this will be driven by non-oil sector like agriculture and industrial sector.
  2. To increase the life span of an average citizen to 70 years.
  3. To inculcate the sense of patriotism to every private individuals.
  4. To manage the Nations? God-given natural resources and ensure its preservation for the benefit of present and future generation.
  5. To maintain a peaceful, equitable, harmonious and just society.

National Economic Empowerments Development Strategies (NEEDS)

The idea of NEEDS was conceived in 2001 by the Obasanjo led Administration which is aimed at moving Nigeria from an under developed nation to developed Nation. NEEDS objective are as follows-

  1. Target a positive Growth in the real GDP of the economy
  2. Public sector reforms
  3. Encouraging privatization and liberalization
  4. Development of local resources

Encouraging Small and medium scale enterprises: Millennium Development Goals

These are eight international objectives that were established in the year 2000 and signed by one hundred and eighty nine [189] countries, including Nigeria. The basic aim is to encourage development by improving social and economic conditions. See more of the aims enumerated below-

  1. Eradicate extreme poverty and hunger
  2. Achieve universal basic education
  3. Promote gender equality and empower women
  4. Reduce child mortality
  5. Improve internal health
  6. Combat HIV/AIDS, malaria and other diseases
  7. Ensure environmental sustainability
  8. Develop a global partnership for development.

Objectives of MDG

Objectives of MDGs can be derived from their goals and they include-

  1. Increase in the level of literacy
  2. Reduction in child mortality
  3. Reduction/elimination of death during birth
  4. Reduction in child mortality
  5. Waging war on deadly effect of HIV/AIDS, malaria etc

ASSESSMENT (POST THE QUESTION TITLE AND YOUR ANSWER IN THE BOX BELOW FOR DISCUSSION AND EVALUATION)

  1. Vision 2020 is a document that proposes how Nigeria can become one of the ____ most developed nations in the world by the year 2020
    (a) top top
    (b) top twenty
    (c) top thirty
    (d) top forty
  2. One of these is not an objective of Vision 2020
    (a) to increase the life span of an average citizen to 70 years
    (b) to inculcate the sense of patriotism to every private individuals
    (c) to maintain a GDP growth driven by 100% dependence oil
    (d) maintain a peaceful, equitable, harmonious and just society
  3. NEEDS stands for
    (a) National Economic Empowerment Development Strategies
    (b) Nigerian Economic Empowerment Development Scheme
    (c) Northern Economic Empowerment Development Strategies
    (d) Northern Economic Empowerment Development Scheme
  4. The idea of NEEDS was conceived in
    (a) 2000
    (b) 2001
    (c) 2002
    (b) 2003
  5. One of these is not an objective of the MDGS
    (a) increase child mortality
    (b) improve internal health
    (c) combat HIV/AIDS, malaria and other diseases
    (d) ensure environmental sustainability

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