An Empirical Investigation into Economic Planning in Developing Economies: The Nigerian Experience

Abstract

Economic planning is a term used to describe the long term plans of an incumbent government to manage the economy. Planning is defined as conceiving, initiating, regulating and controlling economic activity by the state according to set priorities with a view to achieving well-defined objectives within a given time. This study aims to examine critically various development plans in Nigeria and identify those problems that hinder successful implementation of development plans in Nigeria. The study relied on secondary data, as its source of information. Based on the findings that development plans have been accepted as a suitable strategy to address development challenges in Nigeria, this study concludes that the efficacy of our national development plans would be enhanced and serve as a viable instrument of sustainable development if the problems that confront the National Development plans are properly addressed. It is recommended that Nigeria policy makers should be economic plan implementation focused. The economic plan should be grass root design and implemented across the administration’s life, it also suggested that the financial plan of the government should reflect the broad plan of the administration. It should also be made of long term period to be productive.