Nigeria’s economy mainly depends on the exportation of crude oil. NEEDS was established to diversify the economy, focusing on agriculture, education, healthcare infrastructure development, and the private sector.
Full Meaning of NEEDS
The Full meaning of NEEDS is the National Economic Empowerment and Development Strategy. It was established in 2004 under the administration of President Olusegun Obasanjo. Their goal is to reduce poverty, promote economic growth, and improve the standard of living of an average Nigerian.
Functions of NEEDS
NEEDS (National Economic Empowerment and Development Strategy) was established in Nigeria to eradicate poverty and economic development. We will be looking at some of the critical functions in detail below.
- Encouraging Private Sector Growth:
- Prioritizing Human Capital Development
- Job Creation
- Fostering Good Governance and Accountability
- Encouraging private sector growth
- Promoting International Cooperation
- Promoting Peace and Security
- Supporting Rural Development
- Strengthening Infrastructure
- Identifying Key Sectors for Development
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Encouraging Private Sector Growth
When there is a conducive environment and favorable policies, this can encourage the growth of the private sector and attract foreign investors, which can create more jobs and further develop the country’s economy.
Prioritizing Human Capital Development
NEEDS plans to invest in human capital development by concentrating on education, skill acquisition, and health care. This plan recognizes the need to prioritize developing human resources through quality education, acquiring skills, and providing quality health care.
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Job Creation
This plan recognizes the need to create more jobs in the country to reduce poverty and improve the economy by creating favourable policies that will encourage the private sector, improve the infrastructure, and invest in crucial areas.
Fostering Good Governance and Accountability
The economy will grow when there is good governance and accountability. The plan also ensures that there will be good governance and accountability to ensure that development initiatives are implemented effectively and that resources are used wisely.
Encouraging Private Sector Growth
The plan sought to create an environment conducive to investment and growth. This was seen as crucial for creating jobs and boosting economic growth.
Promoting International Cooperation
The plan recognizes the importance of international cooperation to provide a conducive environment for global trade and investment.
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Promoting Peace and Security
Business needs peace and security to prosper and grow. This plan promotes peace and security by improving the security agencies, promoting dialogue and reconciliation, and also addresses the leading causes of conflict.
Supporting Rural Development
This helps to reduce poverty in rural communities by providing easy access to the market, providing agricultural service extension, and improving the infrastructure of rural communities.
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Strengthening Infrastructure
This plan focuses on strengthening the infrastructure for the development of the economy. This aimed to improve infrastructure in transportation, energy, and telecommunications.
Identifying Key Sectors for Development
The plan identified priority sectors for investment and development, including agriculture, education, healthcare, infrastructure, and the private sector.
The function of the NEEDS plan was to create a comprehensive plan for economic development and poverty eradication in Nigeria. By promoting foreign investment, diversifying the economy, improving access to finance and grants, improving the healthcare system, and improving governance and public sector management, the plan aimed to create a more prosperous and equitable Nigeria for all.
