Presidential Research & Communications Unit

President Umaru Musa Yar’Adua has declared that for the nation to achieve the goal of vision 2020, she requires a significant improvement on her current state, supported by a clear and realistic path to its realization.

Represented by the Vice-President and Chairman, National Planning Commission, Goodluck Jonathan, the President who made the disclosure at inaugurated the Business Support Group for vision 2020 on Monday, February 16 in Abuja noted that despite the threat by the financial meltdown, the government was not losing focus of raising its Gross Domestic Product (GDP) from the current $294.8 billion to $900 billion (about 300 per cent growth rate) by 2020.

He stated that if the nation is to move from its current 40th position in the world’s economy and third in Africa to be among the top 20 economies and the first in Africa by 2020, she must improve her education and health delivery systems in order to build an effective human capital to drive development adding that technologically, the Nigerian system of production and innovation will have to change radically to stimulate growth in key sectors of the economy.

While asserting that BSG’s commitment as well as building synergy among the various sectors was crucial at this time of economic diversification and recovery, President Yar’Adua restated his conviction that if the broad policy objectives and strategies for achieving the vision statement are properly articulated, and public opinion as well as support are effectively mobilised, all segments of the society would be galvanized for greater efforts in the quest for economic growth and national development.

Acknowledging that BSG’s terms of reference includes among others, working to become the platform through which the private sector is expected to contribute actively to the envisioning process for Nigeria’s future, the president said that the group will be guided by three objectives: to mobilise the private sector, stakeholder involvement and input in the development of the vision document. This is in addition to the mobilization of public opinion and support for the implementation process of Vision 2020 and to assist in the mobilisation of necessary resources including funding for the process.

He stated that there is no better time for envisioning Nigeria’s future than now as events in the last few years have shown that the time is ripe to launch Nigeria into the global arena as a major player and the leader in Africa. He said that the nation’s economic potential is well recognized but regrettably despite the country’s considerable resource endowment and costal location, which ought to have ensured strength and growth, little of these potentials have been realized since independence.

“Although we have made some progress in the key areas of the economy, there remain daunting challenges that we must address. Nigeria is at a critical juncture where policy choices over the next few years will determine the sustainability or otherwise of the progress achieved. We are also faced with the Herculean challenge of meeting the Millennium Development Goals (MDGs) by the year 2015. Achieving these necessitate that we have a clear mental picture of where we are going and how we intend to get there. The Vision 20:2020 will outline broad policies and strategies to be pursued to accelerate economic growth and development of the nation.” He added.

He expressed optimism that with the Vision 2020 framework, the country hopes to be peaceful, harmonious and have a stable democracy by 2020; have a sound, stable and globally competitive economy with a GDP of not less than $900 billion and per capita income of $4000; adequate infrastructure services that support the full mobilisation of the economic sector and a health sector that supports and sustains a life expectancy of not less than 70 years while reducing to the barest minimum the burden of infectious diseases such as malaria, HIV/AIDS, etc.

He disclosed that the government was able to arrive at the 300 per cent growth rate based on the key parameters for ranking global economies which include level of GDP, high and growing; investment level in key sectors, not less than 40-60 per cent of GDP; per capital income, not less than $10,000; unemployment level, less than 10 per cent and education, high and balanced. Others according to him, were infrastructure development, high; technology intensity; energy consumption, high, and level of capacity utilization in manufacturing, not less than 75 per cent.

President Yar’Adua urged Nigerians not to be under any illusion that actualising the aspiration of joining the league of the 20 largest economies in the world would be easy, quoting Dr. SP Gupta (India Vision 2020): “A vision statement is neither a prediction of what will actually happen nor simply a wish-list of desirable, but unattainable ends. Rather, it is a statement of what we believe is possible for our nation to achieve, provided we are able to fully mobilise all the available resources, human, organisational, technological and financial….”

Chaired by First Bank Chairman, Alhaji Umaru Matalab, members of the BSG include,
Mr. Femi Otedola, Dr. Mike Adenuga, Alhaji Aliko Dangote, Mr. Jimoh Ibrahim, Mr. Tony Elumelu, Mr. Remi Olowude, Chief Molade Okoya-Thomas, Prof. Ode Ojowu, Mr. Oba Otudeko, Prof. Ndi Okereke-Onyiuke, Alhaji Abdulkadir Dantata, and Alhaji Abdulsamad Isyaku Rabiu.

Other members are Mr. Jim Ovia, Maj- Gen. Muhammadu Magoro (rtd), Gen. A.B. Mamman, Mr. Mohammed Hayatuddeen, Mallam Mohammed Dagash, Alhaji Mohammed Arzika, Mr. Kola Abiola, Mr. Jacobs Ajekigbe, Alhaji Ibrahim Coomassie, and Mr. Hakeem Belo-Osagie.

Also included are Chief Emeka Offor, Mr. Felix Ohiwerei, Mr. Erastus Akingbola, Mr. Atedo Peterside, Mr. Basil Omiyi, Mr. Bernard Verr, Mr. Bashir Borodo, Mr. Ayodele Harry-Akande, Alhaji Azeez Alao-Arisekola, Mr. Emmanuel Ijewere, Chief Emmanuel Iwuanyanwu, Mr. Aigboje Aig-imoukhuede, Mr. Adebayo Ligali Mr. Nduka Obaigbena, , Mr. Eniola Bello, Chief Ajibola Ogunshola, Mr. Sam Amuka-Pemu, Chief Raymond Dokpesi, Sam Nda Isaiah, Mr. Gbenga Omotoso and Dr. Reuben Abati.

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