Economy
X-Raying the National Development Plan 2021-2025

By Jerome-Mario Chijioke Utomi
There exist some points that highlight as impressive the recent launch at the State House, Abuja, of the National Development Plan (NDP) 2021-2025, a successor plan to both the Economic Recovery and Growth Plan (ERGP 2017-2020) and the Vision 20:2020, by the President Muhammadu Buhari led federal government.
The plan, according to Minister of Finance, Budget and National Planning, Zainab Ahmed, sets the tone for Nigeria’s next economic destination and would prioritize robust infrastructure, economic stability, improved social indicators and living conditions of Nigerians.
First, infrastructural provisions enable development and also provide the services that underpin the ability of people to be economically productive.
Infrastructure investments, from what development professionals are saying, help stem economic losses arising from problems such as power outages or traffic congestion. The World Bank estimates that in Sub-Saharan Africa, closing the infrastructure quantity and quality gap relative to the world’s best performers could raise GDP growth per head by 2.6% per year.
Another practical particular that qualifies the development as exemplary is the new awareness that for the first time in our planning history as a nation, we are having three volumes of the plan.
According to the Minister, in the past, we have always had one volume, which is the plan itself. But this time, we have three volumes.
Volume One is the main plan, and that’s what will be accessible to the public. “Volume two is then a prioritized and sequential list of programmes and projects that will be fed into the annual budgets while Volume Three are the legislative imperatives,” the Minister stated.
Again, in line with the global belief that every government must find ways to create a sustainable economy, find a solution to the harmful effects of poverty upon the poor and upon those who are not poor but know that countless men and women are ravaged by hunger but choose to look away, the plan is laced with opportunities for inclusiveness for young people, women, people with special needs, and the vulnerable ones, mainstreaming women gender into all aspects of our social, economic and political activities.
Despite the validity of these claims, there are, however, reasons for Nigerians to feel concerned.
The major tragedy linked to this concern is that the nation Nigeria is reputed for changing economic plans with every change in leadership. This fear cannot be described as unfounded as we have as a country had several economic plans in the past. A huge sum of money has been injected into it but none achieved its targeted result. They were all aborted on the way by corruption, incompetence, change in administration and in some cases a combination of these factors.
As noted elsewhere, since independence in 1960, the country has demonstrated that there is no development plan which has achieved its core objective. There is always a disturbing laxity in marching plan targets with practical and unfailing consistency. The result is that the country remains one of the most politically and economically dis-articulated countries in the world.
In view of the above fact, how sure are we as Nigerians that the FG’s present moves will depart this old order?
In my view, what has all these years abbreviated Nigeria’s socio-economic growth, or accelerated development of other nations, is by no means a function of development plans but predicated on, and traceable to the existence of deformed leadership styles.
Take, as an illustration, for most of our political history, public office holders in Nigeria assume a self-sufficient attitude, despise others and view themselves as the exclusive possessor of what they have, as well as claim excellence not possessed.
Unfortunately, such characterizes the leadership’s sphere, not just in Nigeria but Africa as a continent. A factor that’s largely responsible for leaders’ inability to provide direction, protection, orientation, shape norms or manage conflicts in their various places of authority. The bitter truth is that no matter how good a plan or system of government may be, bad leaders must bring harm to their people.
This piece is not alone in this line of argument.
While underlying the problem of Nigeria’s underdevelopment exacerbated by the failure in the leadership system, Chinua Achebe, in his book The Trouble with Nigeria, remarked that there is nothing wrong with the Nigerian land or climate or water or air or anything else. But concluded that the trouble with Nigeria is simply and squarely a failure of leadership.
Looking ahead, two questions that are as important as the piece itself are; what strategy can the nation deploy to arrest such ugly narrative in ways that will make this recently developed national plan not end in shame like previous experience but bear the targeted result?
Two, how can the nation handlers effectively diversify the nation’s revenue sources, bearing in mind that such arrangement will reduce financial risks and increase national economic stability as a decline in particular revenue source might be offset by an increase in other revenue sources?
The above questions call on leaders in the country to reassess their priorities via the development of the ability to give every citizen a stake in the country and its future by subsidizing things that improve the earning powers of citizens- education, housing and public health and placement of emphasis on, and understanding that the economy would look after itself if democracy is protected; human rights are adequately taken care of, and the rule of law strictly adhered to.
Again, as the nation celebrates the National Development Plan 2021-2025, which we are yet to be sure if it will achieve the targeted result, one point we must not fail to remember is that Nigeria, according to a report, is the only, or among the few oil-producing countries without adequate metering to ascertain the accurate quantity of crude oil produced at any given time.
What the above tells us as a country is that there is more work to be done and more reforms to be made.
Finally, while it is evident, to use the words of the Minister, that the current plan has the future we all desire and will play a sizeable role in the product complexity space internationally and adopt measures to ease constraints that have hindered the economy from attaining its potential, particularly on the product mapping space. That notwithstanding, the masses must develop a keen interest in holding their leaders accountable.
Jerome-Mario Chijioke Utomi is the Programme Coordinator (Media and Public Policy), Social and Economic Justice Advocacy (SEJA), Lagos. He could be reached via [email protected]/08032725374.
Economy
Rivers Police Arrests Two Suspects Over Shell Pipeline Explosion

By Aduragbemi Omiyale
Two persons have been apprehended by the Rivers State Police Command in connection with the explosion that affected the Trans Niger Delta Pipeline operated by Shell Petroleum Development Company (SPDC) at the border of Kpor and Bodo communities.
On Monday night, the oil facility was affected by an inferno, which forced Shell to shut it down to prevent further damage.
It was gathered that the first was noticed during a routine night patrol by security operatives, who “promptly alerted SPDC management.”
The company initiated necessary safety protocols, including shutting down the affected pipeline, a statement from the Police Public Relations Officer for Rivers Command, Ms Grace Iringe-Koko, a Superintendent of Police (SP), said on Tuesday.
The police said the swift intervention brought “the situation is now under control, and there is no further threat to residents or the environment.”
According to her, the two accused persons were picked up after the commencement of “a thorough investigation to determine the cause of the fire.”
She said the suspects are answering questions to help the police “uncover any potential act of sabotage,” promising to ensure that perpetrators of criminal activities are identified and brought to justice.
“We urge residents to remain calm and vigilant, assuring them of our unwavering commitment to protecting lives and property. The Command will not relent in its efforts to rid the state of criminal elements and maintain peace and security for all.
“For any useful information regarding this incident or any suspicious activities, members of the public are encouraged to contact the nearest police station,” the statement said.
Economy
Nigeria’s Cooling Inflation May Fuel Further Interest Rate Pause

By Adedapo Adesanya
Cooling inflation in Nigeria could encourage the Central Bank of Nigeria (CBN) to hold interest rate steady again when the Monetary Policy Committee (MPC) meets in May.
On Monday, Nigeria’s annual inflation eased for a second straight month after the National Bureau of Statistics (NBS) overhauled the index for the first time in 16 years in January 2025.
The move was carried out to better reflect the inflation pressures facing households in Africa’s most-populous nation with the base year changed from 2009 to 2024.
According to the NBS, consumer prices rose 23.18 per cent in February by 8.52 per cent from the 31.70 per cent achieved in January 2024.
In the Consumer Price Index (CPI) data, the NBS said last month, the headline inflation slowed due to decline in the average prices of food items like yam tuber, potatoes, soya beans, flour of maize/cornmeal, cassava, bambara beans (dried), etc compared with the prices in the first month of this year.
Nigeria’s economy has grown in the last two quarters in Nigeria by over 2-3 per cent caused by inflation and the weakening of the local currency. This is slower compared to expected outcomes.
However, with further moderation, this could spur policymakers at the apex bank to pause rate hikes for yet another cycle.
The President Bola Tinubu administration is targeting a 15 per cent inflation level.
At its last meeting in February, the MPC held all rates across board with the headline monetary policy rate (MPR) retained at 27.50 per cent.
According to the Governor of the CBN, Mr Yemi Cardoso, the asymmetric corridor was retained around the MPR at +500/-100 basis points and the Cash Reserve Ratio (CRR) of Deposit Money Banks (DMBs) at 50.00 per cent and Merchant Banks at 16 per cent. Also, the MPC retained the Liquidity Ratio at 30.00 per cent.
The CBN had hiked interest rates by 875 basis points in the last year as Mr Cardoso favoured inflation targeting tools to fix skyrocketing cost of prices.
Market analysts noted that subsequent ease inflation in March and April could lead to even cuts but argued that pausing the rate will offer succour to businesses who have lamented the consistent hiking on their operations.
Economy
NASD Index Opens Week in Green Territory After 0.15% Growth

By Adedapo Adesanya
There was a 0.15 per cent appreciation at NASD Over-the-Counter (OTC) Securities Exchange on Monday March 17, with the NASD Unlisted Security Index (NSI) increasing by 4.90 points to close at 3,368.64 points, in contrast to last Friday’s 3,363.74 points and the market capitalisation of the bourse rose by N2.83 billion to settle at N1.945 trillion compared with the preceding trading day’s N1.942 trillion.
Okitipupa Plc gained N7.66 during the session to close at N307.66 per unit compared with the preceding session’s N300.00 per unit, FrieslandCampina Wamco Nigeria Plc expanded by 78 Kobo to settle at N39.01 per share versus last Friday’s price of N38.23 per share, and Geo Fluids Plc grew by 6 Kobo to trade at N2.90 per unit, in contrast to the previous trading day’s N2.84 per unit.
On the flip side, Afriland Properties Plc lost N2.01 to close at N21.19 per share compared with its previous rate of N23.20 per share.
Yesterday, the volume of securities traded at the bourse went down by 55.8 per cent to 288,383 units from the 652,237 units recorded last Friday, the value of securities traded by investor depreciated by 45.3per cent to N18.2 million from the N33.1 million quoted at the preceding session, and the number of deals executed at the first session of the week shrank by 27 per cent to 27 deals from 37 deals.
When the market closed for the session, Impresit Bakolori Plc remained the most active stock by value (year-to-date) with a turnover of 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.4 million units sold for N357.0 million.
Also, Impresit Bakolori Plc remained as the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units sold for N23.7 million, and Afriland Properties Plc with 17.4 million units valued at N357.0 million.
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