The world is on pause (literally) as everyone waits for the details of China’s 14th five-year plan. With massive global dislocation triggered by Covid-19, China can exploit many comparative advantages to accelerate its ascension at a rate the world has not witnessed before. So, watch out how China begins to build an economy that does not need the world to thrive but would be indispensable for the world. As the world’s largest exporter, the world runs on China and this new five-year plan could push the equilibrium more to China’s favour.
China has churned out five-year plans since the 1950s, borrowing from the former Soviet Union. Accompanying subsidies have given direction to the economy, businesses, officials and investors. Over the decades, the plans have helped develop agriculture and industry. Technology didn’t figure prominently. In the 12th plan, which ran from 2011 through 2015, the economic growth mix changed as the break-neck pace slowed from the years after accession to the World Trade Organisation. The current one mentions “innovation” more than 200 times and pushes Made in China 2025, a policy that became a sticking point in the trade spat with the US Programs and projects range from high-end manufacturing, big data and smart grids to cyberspace security. These are all sectors that are top of mind for global leaders and are faced with increasing protectionism.
But as that happens, Nigeria is working on Agenda 2050, a new developmental initiative for the nation. Because 2050 seems like an eternity considering the rapid changes in our world as a result of technologies, breaking things into five years or at most ten years may be more strategic. The effectiveness of China’s five-year plan is iconic; Nigeria can learn from it, over our typical decades-long roadmaps which are usually abandoned. Of course, it goes beyond plans – we need to also execute!
AGENDA 2050: PRESIDENT BUHARI INAUGURATES NATIONAL STEERING COMMITTEE, SAYS NEW DEVELOPMENT PLAN WILL LIFT 100 MILLION NIGERIANS OUT POVERTY BY 2030
President Muhammadu Buhari Wednesday in Abuja inaugurated the National Steering Committee to oversee the development of the Nigeria Agenda 2050 and Medium-Term National Development Plan (MTNDP) to succeed Vision 20:2020 and the Economic Recovery and Growth Plan (ERGP) 2017 – 2020.
The National Steering Committee for the development of Successor Plans to Vision 20:2020 and ERGP will be jointly chaired by Atedo Peterside and Zainab Ahmed, the Minister of Finance, Budget and National Planning.
What is it that Nigeria wants to accomplish in the next five years? If you have no clue on that, do you think telling you a 2050 plan makes sense?