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  1. Balance of Payment I | Week 1
    4 Topics
  2. Balance of Payment II | Week 2
    4 Topics
  3. Economic Growth & Development | Week 3
    1 Topic
    1 Quiz
  4. Economic Development Planning | Week 4
    2 Topics
    1 Quiz
  5. International Economic Organisations I | Week 5
    4 Topics
  6. International Economic Organisations II | Week 6
    6 Topics
    1 Quiz
  7. Current Economic Plans | Week 7
    5 Topics
    1 Quiz
  8. Economic Development Challenges | Week 8
    4 Topics
  9. Economic Reform Programs | Week 9
    5 Topics

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Lesson 7, Topic 2
In Progress

National Economic Empowerment and Development Strategy (NEEDS)

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National Economic Empowerment and Development Strategy (NEEDS) is Nigeria’s home-grown poverty reduction strategy (PRSP). NEEDS builds on two-year-effort to produce the interim PRSP (I-PRSP), and the wide consultative and participatory processes associated with it. NEEDS is not just a plan on paper, it is a plan on the ground and founded on a clear vision, sound values, and enduring principles. It is a medium-term strategy (2003-2007) but which derives from the country’s long-term goals of poverty reduction, wealth creation, employment generation, and value re-orientation.

NEEDS is a nationally coordinated framework of action in close collaboration with the state and local government (with the State Economic Empowerment and Development Strategy, SEEDS) and other stakeholders to consolidate on the achievements of the last four years (1999 – 2003) build a solid foundation for the attainment of Nigeria’s long-term vision of becoming the largest and strongest African economy and a key player in the world economy.

Although NEEDS is essentially a federal government programme, it is fully owned by Nigerians. The President and his cabinet fully endorse the programme; The National Assembly and the National Economic Council (NEC) which comprises all 36 governors of the states have also endorsed the programme.

Various private sector stakeholders, NGOs, and Civil Society Organizations have also endorsed the National Economic Empowerment and Development Strategy (NEEDS). The Drafting Committee of the NEEDS reflects the wide ownership and participatory nature of the exercise.  

The 35 – member committee comprises Ministers, Representatives of Ministries and Agencies, President of the Manufacturers Association of Nigeria; President of the Nigeria Labour Congress; Chairman of the Coalition of Civil Society Organizations; The Nigeria Economic Summit Group; etc. NEEDS builds on the progress made in the Transitional phase of the new democratic dispensation (1999-2003).

NEEDS Rests on Some Key Strategies

1. Reforming the way government works and its institutions: The goal is to restructure, right-size, re-professionalized, strengthen government and public institutions to deliver effective services to the people. It also aims to eliminate waste, inefficiency, free up resources for investment in infrastructure and social services by the government.

2. Growing the private sector: NEEDS is a development strategy anchored on the private sector as the engine of growth-for wealth creation, employment generation, and poverty reduction. The government is the enabler, the facilitator, and the regulator. The private sector is the executor, the direct investor, and manager of businesses.

3. Implementing a social charter for the people: NEEDS is about people  It is about their welfare, their health, education, employment, poverty-reduction, empowerment, security, and participation. 

4. Re-orientation of the people with an enduring African value system:   The key message of the NEEDS is that ‘it is not business as usual”. The privatization programme is designed to reduce the domain of the state and hence the sharing formula which has resulted in corruption and inefficiency in the public sector. The act of privatization will release appointed board members of parastatals to go into productive engagements. Public sector reforms would also aim to emphasize professionalism, selfless service, and efficiency (value-for-money).

Objectives or Aims of NEEDS

There are four clear goals of NEEDS.  

They are:

1. The creation of wealth

2. Generation of employment

3. Reduction of poverty

4. Re-orientation of values


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