SS3 First Term Economics Lesson Note – Current Economic Plans

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WEEK 9

TOPIC:    CURRENT ECONOMIC PLANS

CONTENT:

• Meanings and objectives of NEEDS, MDGs AND VISION 2020
• Economic development challenges

Sub-topic 1: Meaning and Objectives of NEEDS, MDGS and Vision 20:2020

Nigeria, like other developing nations, has faced several development challenges. In an attempt to overcome such challenges, Nigeria has over the years embarked on a number of economic programmes and long-term development strategies. Among these are Millennium Development Goals (MDGs), National Economic Empowerment and Development Strategies (NEEDS), and Vision 20:2020

Sub-topic 2: National Economic Empowerment and Development Strategy (NEEDS)

NEEDS is a reform agenda instituted by the Nigerian government in March 2004 as a working framework for the reform of the Nigerian socio-political and economic structure. It aims to promote macroeconomic stability through transparent rule-based and sound fiscal, monetary and foreign exchange policies, improve efficiency and transparency in the public sector and promote private sector investment through improvements in infrastructure, privatization and financial sector reforms. While the federal government operates under NEEDS, state governments operate under SEEDS (State Economic Empowerment and Development Strategy)

Objectives National Economic Empowerment and Development Strategy (NEEDS)

• Wealth creation
• Employment generation
• Poverty reduction
• Value reorientation

 

MILLENIUM DEVELOPMENT GOALS (MDGs)

The Millennium Development Goals are a UN initiative. The Millennium Development Goals (MDGs)

are the eight international development goals that were established following the Millennium Summit of the United Nations in 2000, following the adoption of the United Nations Millennium Declaration

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