NIGER DELTA UNIVERSITY

WILBERFORCE ISLAND
BAYELSA STATE

NAME: AKALI PRECIOUS DANIEL

MATRIC NO: UG/19/0474

FACULTY: EDUCATION

DEPARTMENT: SOCIAL SCIENCE EDUCATION

COURSE CODE: ECO 471

COURSE TITLE: ECONOMIC PLANNING

COURSE LECTURER: DR. EMMANUEL NATHAN

QUESTIONS
1. Explain the concept of difference classification of economic growth and development
planning model
2. Read and summarize Nigerian Economic growth and development plan from 1946 till
date
1. AGGREGATE GROWTH MICROECONOMIC OR SIMPLE MODELS; it deals with
the entire economy in terms of a limited set of macroeconomic variables deemed must critical
to be determines by levels and growth rates of national output that is savings, investment,
capital stock etc. The model proves a convenient method for forecasting an (and perhaps also
employment) growth over a three to five year period.

2. MULTI SECTOR MODELS

It includes input-output, social accounting and computable general equilibrium (CGE) model
which ascertain among other things. It is a sophistical approach to development planning in
which the activities of the major industrials sectors of the economy are interrelated by a means
of a set of simultaneous algebraic equations processes or technology of each industry. All
industries are viewed both as produces or output users of inputs from other industries.

3. DECENTRALISED MODELS: The third state or category of planning model. It is the type
that have sector of project level variables which are used to prepare models for individual
sectors or projects.
This type of models are useful in the early stages of a country’s economic development when
information is available for only individual sectors or projects, project evaluation or project
appraisal and social cost benefit analysis are techniques that fit into the category.

QUESTION 2
NIGERIANS PRE-INDEPENDENCE DEVELOPMENT PLAN (1946-1956)
Nigeria’s planning experience began with the ten year plan of development and welfare for
Nigeria which was introduces in 1946 by the Colonial government.
The ten year plan of development and welfare for Nigeria could not be termed s plan in real
sense because it contained namely a list of uncoordinated projects in various regions. The
objective of the plan, though not stated was to meet the perceived the needs of the colonial
government rather than nay conscious attempt to influence the overall performance of the
Nigerians economy.

NIGERIA’S POST-INDEPENDNCE DEVELOPMENT PLAN (1962-68) 2ND (1970-74)

PLAN
FIRST NATIONAL DEVELOPMENT PLAN 1962-1968
Immediately after attainment of independence in 1960, the first National Development Plan
(1962-1968) was launched. The objectives of the plan were;
a. To bring about equal distribution of national income
b. To speed up the rate of economic growth etc
It had a proposed total investment expenditure of about N2,132 million.
The public sector was expected to invest about N1,352.13 million while the remaining
investment expenditure of N780 million was expected to be made by the private sector (Obi
2006).

SECOND NATIONAL PLAN 1970-1974

After the civil war, national reconstruction and rehabilitation were the focus of attention. In order
to hasten the growth of the national economy. It became imperative to launch the second national
development plan. Initially, the plan was meant to cover the four year period 1970-74.
It was later extended to cover the fiscal year of 1974-75. The second national development plan
laid much emphasis on indigenization, an interesting feature of the second development plan was
the objectives of creating a free and democratic society that was then challenged by the military
government. The plan witnessed weakness in industries and agriculture areas.

THE THIRD DEVELOPMENT PLAN (1975-1980)

The objectives were;
1. Increase in per capital income
2. More even distribution of income
3. Reduction in the level of unemployment
4. Increase in the supply of higher level of manpower
5. Diversification of the economy
6. Balanced development and indigenization of economic activities
The approach of the plan was to utilize resources from oil to develop the productive capacity
of the economy and thereby permanently improve the standard of living of the people.

FOURTH NATIONAL DEVELOPMENT PLAN (1981-1985)

The projected capital investment of the plan was put at 8.2billion. The plan was the largest and
most ambitious programme of investment over leveled in Nigeria.

NATIONAL ECONOMIC PLAN DURING AND AFTER SAP ERA

The fifth National development plan and SAP (1986-1989). The primary focus of the plan was to
correct the structural defect in the economy and create a more self reliant economy that would
largely by regulated by market forces.

THE PERSPECTIVE PLAN AND ROLLING PLAN (1996-1998)

The Babangida administration had abandoned the previous fixed five development plan and
replaced it with two types of national plans which to cover period of 15-20yrs. In order to
provide opportunity for a reasonable long term views of the problem of the country and the
rolling plan which to cover (3yrs) subject to view every year to know whether the economy is
progressing or not.

VISION AND POLICY STATEMENT OF ECONOMIC PLANS IN NIGERIA

Vision 2010 was a projected economic plan for Nigeria to improve economically. The main
objectives were; increased political stability, economic property and social harmony. Vision
2010 fail because of poor implementation, corruption and bureaucracy.

NEEDS, VISION 2020 AND OTHER POLICY STATEMENTS

National economic empowerment and development strategy (NEEDS) was that appeared to be a
road map to address the development challenges in Nigeria was launched 1.
Vision 20:2020 like other development plans and initiatives is nothing but a mere vision until it
is realized. At present Nigerians are best with hunger, starvation, dilapidated road network, poor
power supply etc.