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Nigeria, Germany partner on economic development

The Minister of State, Budget and National Planning, Prince Clem Agba, has said that Nigeria and Germany has agreed to a partnership to advance economic development in the country.

He disclosed this at the signing of the Agreed Minutes of the Nigerian-German bilateral government consultations on Friday in Abuja.

Agba said that the consultation emanated from the extensive sectoral dialogues and exchanges between the delegates of both countries held on May 18.

“I am reliably informed that the deliberations were very constructive and focused on the general context of economic cooperation between both countries with particular support to Nigeria.

“I wish to extend the appreciation of Nigeria to the people and Government of Germany for the unflinching support extended to Nigeria to advance our economic growth and development,” Agba said.

He also said that the national document could be used to competitively attract resources from development partners and the global community.

The minister said that the plan addresses the attainment of set targets under the Sustainable Development Goals (SDGs) 2030, African Union Agenda 2060, Climate Change, Greening the environment among others.

He said that the suffices plan focuses on seven clusters, namely: Economic growth and development, infrastructure, public administration (Public Sector Reform); human capital development.

Others are social development, regional development and plan implementation, communication, financing, monitoring and evaluation.

“The UN study forecasts that Nigeria’s population will hit over 400 million by year 2050 and become the third most populous country in the world, behind India and China.

“This demographic report and the challenges of insecurity, high rate of unemployment especially among the youth, high incidence of poverty, huge infrastructure deficits, inefficient public service delivery and insufficient fiscal buffers faced by Nigeria are addressed in the National Development Plan (NDP) 2021-2025.

“It is envisaged that during the plan period, relevant policies, projects and programmes which have been costed will be implemented to mitigate the various challenges, including undertaking necessary reforms and adopting appropriate technology for sustainable development,” Agba said.

According to the minister, the Nigerian economy was hard-hit by the COVID-19 pandemic and in response to the shock prompted by it, the government undertook proactive short term measures to limit the impact on the economy through the development of the Economic Sustainability Plan (ESP).

“To consolidate on the gains of ESP, the NDP 2021-2025 set out a total investment commitment of N348.1 trillion made up of N49.7 trillion (14.3 per cent) of government capital investment and N298.3 trillion (85.7 per cent) of private sector investment.

“Of the 14.3 per cent government contribution, capital expenditure of the Federal Government is N29.6 trillion (8.5 per cent), while the sub-national governments are estimated to commit about N20.1 trillion (5.8 per cent),” he said

Agba said that the German government and other friendly development partners alike, are urged to support the Nigerian government in this regard.

He said that the five priority areas comprises the sustainable economic development, climate and energy, life without hunger and health.

Others are social protection and population policy, and crises prevention and peace building of the German Federal Ministry of Economic Cooperation and Development (BMZ) 2030 Reform Strategy discussed during this consultative meeting aligns with the NDP 2021-2025.

“ In this regard, I am glad to note that the following key outcomes constitute the major components of the Agreed Minutes to be signed today,”

He commended the German delegation led by Mr Lars Wilke, Head of Department West Africa II, Ministry of Economic Cooperation and Development (BMZ) for the fruitful consultations.

He also commended the Nigerian delegation for actively participating in the process leading to the overall success of this event.

Giving his remark, Wilke, said that the framework of their cooperation with Nigeria were Nigeria’s economic recovery and Nigeria’s NDP 2021-2025,

He said that the cooperation was aligned with the 2030 sustainable development agenda and the goal set agenda 2063 of African Union,  the continent’s strategic framework.

“ During the last years, the number of crisis having regional and global outreach are increasing, to address them we need regional and global solutions which in turn asks for global solidarity and global coalitions of like minds,” Wilke said.

He said that their partnership stood on solid ground and “I am confident that Nigeria and Germany will  jointly address the challenges ahead.”

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