Economy National Planning Commision Essay

9686 words - 39 pages

1.1 Material Resources
Nigeria is well endorsed with vast human and material resources that can guarantee sustainable economic growth and development. The country has a land area of 923,773km2, with varied vegetation and soil types that are suitable for a variety of agricultural purposes. The Rivers Niger and Benue divide the country into three major geographical sections, west, east and north, and acting in synchrony with the Lake Chad and a few other rivers, provide the needed irrigation potentials for all-year-round farming activities. The traditional agricultural specialization in tandem with the vegetation, soil and climatic conditions vary from root and tree crops in the south to grains and livestock in the north.
The country has large reserves of solid minerals including bitumen, topaz, lignite, coal, tin, columbite, iron ore, gypsum, barite and talc. Mining activities which are largely informal are concentrated in particular areas of the country: metallic minerals are mostly found in the middle belt, coal is found in the South East and Middle Belt, and bitumen predominantly in the South West. Crude petroleum and natural gas are prevalent in the southern area of the country referred to as the Niger Delta region. The proven reserves of crude petroleum are well over 37 billion barrels, while reserves of natural gas stand at over 187 trillion standard cubic feet. The pattern of material endowment facilitates inter regional trade within the country. This is why the country was a veritable source of raw materials for industries in Europe, especially Britain during the colonial era.
1.2 Human Resources and Governance System
Nigeria has a population of over 160 million people of diverse cultural backgrounds. The more than 250 constituent ethnic nationalities of the country add a dynamic blend to the socio-political and cultural landscape of the country. The country operates a three-tier federal system of government with 36 states and a Federal Capital Territory, and 774 local councils. The legislative structure is bicameral with upper and lower chamber at federal level while state governments and local councils operate single legislative chambers. A judicial structure erected in all three tiers of government completes the operational framework for checks and balances and separation of powers in governance as enshrined in Nigeria's Constitution.

1.3 Harnessing the Resources for Growth and Development
The resources at Nigeria's disposal offer a solid base for engineering rapid growth and sustainable development. On account of the immense potentials of the country, the leadership has crafted a vision for leapfrogging into one of the top twenty largest economies of the world by year 2020. To actualize this vision, an implementation framework consisting of a National Council, a Steering Committee, Business Support Group, National Technical Working Groups, Special Interests Groups, various stakeholders development...

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