Current Economic plans; MDGS, NEEDS, Vision2020
Economics S.S.S 3 Second Term
WEEK 6
Current Economic plans; MDGs, NEEDS, Vision2020
Performance Objectives
Student should be able to:
- List and explain current economic planning instruments the Millennium Development Goal (MDGs), National Economic Empowerment and Development Strategies (NEEDS), Vision 2020.
- List and explain the MDGs.
- List the objectives of NEEDS and Vision 2020 and other contemporary economic plans.
Content
To overcome the various economic challenges faced by the Nigeria economy, the federal government introduces some current economic planning instruments into the economy of the nation. These current economic plans and objectives in the economy are in addition to other strategies already in place in the economy. Some of the popular current economic instruments introduced by the federal government are;
1. The Millennium Development Goals (MDGs)
2. The National Economic Empowerment Development Strategy (NEEDs)
3. The Vision 2020
Meaning and Objectives of Millennium Development Goals (MDGs)
The Millennium Development Goals are eight international development goals that were officially established following the millennium summit of the United Nations in 2000. Following the adoption of the United Nations millennium declaration, all the 193 international organizations have agreed to achieve these goals by the year 2015. The goals are:
1. Eradicating extreme poverty and hunger.
2. Achieving universal primary education.
3. Promoting gender equality and empowering women.
4. Reducing child mortality rates.
5. Improving maternal health.
6. Combating HIV/AIDS, malaria and other diseases.
7. Ensuring environmental sustainability.
8. Developing a global partnership for development.
Each of the goals has specific stated targets and dates for achieving those targets.
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 is not business as usual. Therefore, the bedrock of NEEDs is its vision of a Nigeria with a new set of values and principles, which will facilitate the achievements of national goals of wealth creation, employment generation and poverty reduction.
The specific reform programmes in Needs include Government and institutional reforms which entail:
a. Public sector reforms
b. Privatization and liberalization
c. Government.
d. Transparency and anti-corruption as well as
e. Service delivery by government agencies.
Objectives of NEEDS
The objectives are mainly threefold:
a. Poverty reduction
b. Employment Generation
c. Wealth Creation
Meaning and Objectives of Vision2020
It is stated in the document Vision2020 Economic Transformation Blueprint (2009) that by the year 2020, Nigeria will have a large, strong, diversified, sustainable and competitive economy that effectively harnesses the talents and energies of its people and responsibly exploits its natural endowments to guarantee a high standard of living and quality of life to its citizens.
Objectives of Vision 2020
1. The social dimension envisions an equal society that can sustain a life expectancy of at least70 years.
2. The economic dimension envisages a vibrant economy whose manufacturing sector can contribute at least 25 per cent to Gross Domestic Product (GDP)
3. The institutional dimension expects a stable democracy.
4. The environmental dimension envisions the effective management of our natural environments.