The World Waits As China Unveils A New Five-Year Plan; Lesson for Nigeria

The World Waits As China Unveils A New Five-Year Plan; Lesson for Nigeria

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.

What is Your China Strategy?

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?

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2 thoughts on “The World Waits As China Unveils A New Five-Year Plan; Lesson for Nigeria

  1. It’s only in Nigeria that you hear people who suffer from poverty of mind telling you about plans to lift hundred million people out of poverty, in just ten years; that’s ten million per year. You now wonder how many they have lifted in the last five years, apparently their understanding of ‘lift’ is in reverse direction; because that’s exactly what they achieved.

    The people who hedge development on oil prices are telling you about strategic plan and economic recovery and growth; they couldn’t arrest the fallen state of naira, but they sure know how to lift millions out of poverty! Arrogance must be preceded by ignorance, no other way.

    The vision-impaired people are selling vision to you, telling you about vision 2050, most of them may not live for another decade, but they are crafting a 30-year plan on top your head. This is a conflation of impunity and insanity, and they keep deluding themselves that they are leading anyone.

    Well, the only credible vision Nigeria needs now is to banish funny creatures from leadership positions, the movement is already on. No point making plans for those who can think for themselves.

    China can do all it wants, when we are done with house clearing in Nigeria, the world will take notice.

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  2. Francis, my friend, when you make plans, you don’t necessarily make them for yourself. You also can make them for others. Otherwise, they are not PLANS. A Plan is 90% of the time made for other than oneself. A PLAN IS WHAT MUST BE DONE TO IMPROVE UPON A SPECIFIC SITUATION,\But I do un derstand your disappointment, because since you took you independence, in 1956, 64 years ago, you have seen your population more thah treble, but housing and economic wealth did not grow proportionately. This is the problem. Leaders should always look ahead. Unfortunately yours did not.

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