Diversification from Oil, Pathway to Sustainable Economic Development – NCDP

By Adenitan Akinola

The National Council on Development Planning, NCDP, says diversification of Nigeria Economy from oil to Agriculture and Solid Minerals, heavy investment on human capital development, energy revolution for industrialisation as some of the major pathways for the country’s sustainable economic development.

These are parts of the resolutions of the 22nd meeting of the Joint Planning Board of the council organized by the Federal Ministry of Budget and Economic Planning held at the Center for Black Culture and International Understanding, CBCIU, in Osogbo, the Osun State Capital.

In a communiqué, the NCDP noted that given the new Electricity Act that empowers states and individuals to participate in all components of the energy sector, state governments should carry out energy audit to determine their needs and explore areas for collaboration with private sector based on their comparative advantage.

“States should develop small hydro power plants, on or off-grid, and solar for communities and MSMEs. Government should promote the establishment of community foundations as a vehicle for investments in micro power grid projects and other infrastructure; and Tertiary Institutions should pioneer micro renewable energy projects to cater for the institution and nearby communities”.

It resolves further that both national and sub national governments should, “increase investment in afforestation, climate change adaptation and mitigation strategies, restoration of peace and security in affected regions”.

In a remark on the resolutions of the meetings, the chairman of the board and Minister of Budget and Economic Planning, Senator Atiku Bagudu said leadership of President Bola Tinubu was committed to a two digit growth of Nigeria’s economy, a development demonstrated by the full deregulation of fuel and currency.

Senator Bagudu stated that the Federal Government believed that for a more functional federalism, more powers should go to the subnational governments as indicated in the Electricity Act which empowers states to own their energy policies.

The minister appreciated the government and people of Osun State for hosting the 22nd edition of the meeting.

Declaring the meeting closed, Governor Ademola Adeleke of Osun State said government to host the meeting as an indication that the state was open to investors, both locally and internationally.

Governor Adeleke encouraged national and state governments to develop the resolution of meeting into tangible and implementable economic plan in the overall interest of the people.

The Joint Planning Board/National Council on Development Planning comprise of the Federal Ministry of Budget and Economic Planning and the 36 States of the Federation.

The meeting presents a platform for the federating units and the federal government to collaborate in the areas of policies and programmes.

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