Economic Planning and Real Sector Development in Nigeria

Abstract

One of the principal objectives of planning in underdeveloped or less developed countries is to increase the rate of economic development. This can be achieving through importing capital from abroad and localized force saving to support the level of industrialization in the real sectors of the economy. The central focus of this research is to examine economic planning and real sector in Nigeria by looking at the causes, consequences, and the way forward. The paper used library science method and collected data purely from secondary materials. The paper found that amongst the challenges of the real sectors development is poor government policies and monoculture nature of the Nigerian economy. These consequently resulted into not achieving macroeconomic objectives such as increase in output growth in all the sectors as expected. The study therefore suggested articulated development plan, improved governance, and service delivery. Governments should create an enabling environment through her planning for private driven economy to thrive through realistic power and energy programmes and reforms, functional institutions. This will encourage local industries and foreign direct investments into the real sector of the economy thereby increasing the levels of economic development in the economy.