n African Journal of Science, Technology, Innovation and Development - Nigeria assessing the National Economic Empowerment Development Strategy as a development plan

Volume 4, Issue 1
  • ISSN : 2042-1338
  • E-ISSN: 2042-1346
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This paper provides a theoretical assessment of Nigeria's National Economic Empowerment Development Strategy (NEEDS) as a development plan. There are six prerequisites of a development plan: (i) an over-arching development vision or philosophy; (ii) clearly specified objectives or goals; (iii) policy instruments for achieving objectives; (iv) a time horizon; (v) alignment between objectives and strategies; and (vi) a time preference function for judging whether the potential future benefits of the plan justify the resources invested to achieve them. Whereas the NEEDS fulfil prerequisites (i) to (iv), it is, at best, weak in (v) and (vi). But the NEEDS is not supported by macroeconomic models of the economy to permit analysis of the interdependencies in the economy.

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