The Economic Implications of National Development Plans: The Nigerian Experience (1946-2013)

Abstract

This paper reviews the National Development Plans in Nigeria from the period of inception in 1946 to the recent period. At the course of the review, the capital expenditure profile at each period of development plan was examined to weigh the cost-benefit effect - which is the main objective of this research. Being an ex-post-facto research, the data were sourced secondarily and findings include that the National Development Plan were abandoned and in each period of the other development plans, along with their corresponding capital expenditure and allocation. Findings also reveal that no single period of the development plan recorded a fully implemented laid down objectives due to lack of implementable plan. Equally, the research finds that some factors causing failures in the plans include the leaders’ inability to transform planned policies to realities, diversion from original focus, and poor budgetary allocation. Conclusively, with the 2013 National Implementation Plan (NIP) instituted recently, there is hope of seeing a planned and totally executed development plan soonest otherwise the Vision 20:2020 through which Nigeria aims at becoming one of the world’s leading economies come 2020 is just but a mirage.

Keywords: Development Plans, Capital Expenditure, Planning Commission, Development Programmes.