Nigeria Economic Development Plan

Agriculture is the mainstay of many economies. Around the globe, the creation of an enduring economy goes hand in hand with agricultural development thus, you will discover a necessity for Nigeria like seen on news from nigeria to exploit her various agricultural resources to full potential to be able to accelerate her quest and efforts to achieving sustainable economic development.

The foregoing statements aptly connote two understandings of the state of Nigerian economy. These understandings show that, the economy is probably the fastest growing economies in Africa and worldwide. Although Nigeria has received hash economic history, it provides undergone and yet undergoing economic reforms, which can be aimed at making Nigeria the Africa’s financial hub and one of many twenty largest economies worldwide with the year 2020. Needless to say the country has experienced political instability, corruption, and poor macroeconomic management in past times, this became responsible for unpleasant and harsh economic situation. The government relentless efforts to reposition the economy have translated into a remarkable economic growth and development.

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Throughout the last decade, Nigeria has displayed a reliable resolve for reforms. The Investment and Securities Decree was passed into law right after the return of civilian rule in 1999, opening up the economy to foreign investment. The federal government of former president Obasanjo also established your time and money and Securities Tribunal for speedy resolution of disputes arising out from investment deals. Recently, the Securities and Exchange Commission slashed transaction rates for equities from 6.9% to 4.2%. International venture capital investors have shown increasing desire for Nigeria following the liberalisation of countless important markets like telecommunications, transport, and oil marketing. The point that fresh policies have persuaded at least some investors to overlook the high value of doing business in Nigeria is actually a significant achievement in itself.

Faced with numerous challenges, Nigerian government is set to bolster, diversify and then make the economy attractive and investment-friendly to both local and foreign investors. The federal government has adopted total liberalization and globalization as being the economic policy, instituted privatization and commercialization programmes of public enterprises, provided total security for business and other people, extended invitation to domestic and foreign investors, abolished laws inhibiting competition, embraced and fine-tuned policies to guarantee quick realization of growth and development of all the sectors in the economy. The effort is definitely paying back as Nigeria is currently the main focus for foreign investment thereby increased exponentially Foreign Direct Investment (FDI). Lots of economic missions and delegations from developed and developing countries have visited Nigeria, thus accelerating the growth of the economy at a fast rate.

Here is where venture capitalism derives its significance in the context of Nigeria’s long-term ambitions. Private equity investment is accountable for some of the most notable economic success stories across the world. Entrepreneurs beginning with angel loans turned India around in the largest software exporter on earth. In South Korea, booming small high-tech businesses bypassed larger firms to steer the country’s recovery from the Asian financial meltdown. Equity funded enterprises have likewise recorded high growth figures in developing countries from Asia, across Europe as well as in Latin America. The worldwide knowledge of venture capitalism throws up a variety of important considerations regarding offering the right environment for rapid growth. The next are among the most essential challenges and considerations facing Nigerian policy makers in this connection:

Nigeria’s reforms process as explained on news from nigeria prompted a unique voluntary initiative with the turn from the last century if the Nigerian Bankers’ Committee launched the tiny and Medium Enterprise Equity (SMEEIS) scheme. Billed for an try to promote entrepreneurial expansion, the scheme required all locally operating commercial banks to earmark 10% of pre-tax profits for equity investment in small, and medium enterprises. Despite the fact that greater than Naira 18 billion ended up being set aside by 2003, utilisation of your funds remained abysmally poor at less than 25%. The Nigerian Central Bank owed it to an absence of viable projects and general reluctance toward equity partnership. If poor managerial and business packaging skills are areas of concern, the prevailing mindset against venture capitalism within both existing and emerging enterprises is more so.

To quote former Central Bank governor Joseph Sanusi (29 May 1999-29 May 2004), accelerated economic development is not possible until Nigerian entrepreneurs learn how to appreciate that “it is advisable to have 10% of any successful and profitable business rather than own 100% of the moribund business”.

Peter Osalor as seen on nigerian news media is a multi-skilled director, chairman of trusts, proprietor and consultant. Peter Osalor has become a successful entrepreneur since 1992 when he formed Peter Osalor & Co and which contains since grown into a very large customer base with a turnover of millions. He is currently a fellow of your Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in Nigeria (ICAN). Peter is also a part of the Chartered Tax Advisors as well as the Chartered Institute of Taxation in Nigeria (CITN).

To channel itself on the path to modern development, Nigeria should examine what factors hindered the growth of its agricultural sector, that has been the backbone of your Nigerian economy before the era of oil boom. It ought to rectify the mistakes it created in over 54 years by immediately putting these strategic plans into action. The people of Nigeria can uplift themselves from poverty and distress by eradicating corruption and devoting themselves to strive for progress.

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