Give reasons for development planning in Nigeria.

Answer Details

Development planning is the deliberate government effort to direct the economy over a period towards defined goals. The reasons for development planning in Nigeria include:

• Efficient allocation of scarce resources: to channel limited resources into the most productive and priority uses.
• To accelerate economic growth and development: planning sets targets that speed up growth in output and income.
• To reduce unemployment: planned projects and industries create jobs for the growing labour force.
• To achieve balanced development: to spread projects across regions and sectors and reduce regional inequality.
• To diversify the economy: to reduce over-dependence on oil by developing agriculture and industry.
• To provide social and economic infrastructure: roads, schools, hospitals, power and water are planned and provided.
• To reduce inequality in income distribution: planning aims to share the benefits of growth more fairly.
• To attract and coordinate foreign aid and investment: a clear plan guides donors and investors.
• To set priorities and coordinate government activities: so that different projects work together rather than in conflict.