What are the objectives of economic planning in Nigeria?

What are the objectives of economic planning in Nigeria?

The objective of the five year plans has been to promote labour welfare, economic development of backward classes and social welfare of the poor people. Development of social services like education, health, technical education, scientific advancement etc. has also been the objective of the Plans.

What is the economy of Lagos Nigeria?

LAGOS STATE ECONOMY The Lagos Gross Domestic Product [GDP] accounted for 26.7% of Nigeria’s total GDP and more than 50% of non-oil GDP. Over 50% of Nigeria’s non-oil industrial capacity is located in Lagos. Lagos is also Nigeria’s financial hub with all major banks having their headquarters in the City.

What is economic planning mention its objective?

Planning means conscious and deliberate undertaking for a definite objective. For instance, economic planning has the objective to accelerate the rate of growth, elimination of trade cycles, bringing the stability and a attain full employment in the economy.

What are the aims and objectives of economic planning?

The basic objective of planning is to exercise control over the private sector of an economy. Controls are exercised over economic resources which are scarce. When the economic resources of the country are rationally arranged with a predetermined purpose, it is called economic planning.

How does Lagos create economic opportunities?

Lagos has developed into a major industrial powerhouse as the result of its excellent transport links. Additionally, the growing population provides as workforce for goods and services along with a market for them. Also, with more schools and universities the workforce is becoming better skilled and educated.

What makes up Nigeria’s economy?

The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity.

What do you mean by economic planning explain any one long term objective of planning in India?

Long-term objectives try to solve the socio-economic issues that the country is facing over the years. It includes increase in national income or per-capita income, achieving full employment, social justice and equitable distribution, poverty alleviation, self-sufficiency and modernisation, etc.

What is the Lagos Plan of action?

The Lagos Plan of Action (officially the Lagos Plan of Action for the Economic Development of Africa, 1980–2000) was an Organisation of African Unity-backed plan to increase Africa’s self-sufficiency.

What are the stages of development planning in Nigeria?

STAGES OF DEVELOPMENT PLANNING IN NIGERIA. The stages involved in the preparation of development plans in Nigeria are as follows: Information gathering. Issues Paper. Draft Plan. Independent Examination. The Adopted Plan.

What are the units of National Planning in Nigeria?

Unit 1 The concept of national planning in Nigeria; Pre- independence to SAP era Unit II National economic plans during and after SAP era Unit III Visions and policy statements of economic plans in Nigeria Module 4: Planning Experiences in other Countries of the World.

What is the second National Development Plan of Nigeria?

The Second National Development Plan (1970 – 1974) which provided a capital expenditure of up to 3 billion Naira and attempted to correct and improve on some of the mistakes of the First National Development Plan.

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