The Federal Executive Council (FEC) has approved a five-year  (2021-2025) National Development Plan (NDP).

The approved plan targets an annual gross domestic product (GDP) growth rate of five percent over the next five years.

The approval signals the return of the five-yearly plan to succeed the current Economic Recovery and Growth Plan (ERGP), which will expire in December 2021.

The development plan is structured around six concepts: economic growth and development, infrastructure, public administration, human capital development, social development, and regional development.

The minister of finance, budget and national planning, Mrs. Zainab Ahmed, disclosed this to State House correspondents after a virtual FEC meeting presided over by Vice President Yemi Osinbajo on Wednesday at the Presidential Villa, Abuja.

The minister said the plan has an investment size of N348.7 trillion, which would be pooled from the federal and state governments, as well as the private sector.

She explained that the plan is structured on economic growth and development, infrastructure, public administration, human capital development, social development and regional development.

Mrs. Ahmed also explained that for the investment size, the public sector will contribute N49.7 trillion while the private sector will contribute N298.3 trillion.

“Today, the Ministry of Finance, Budget and National Planning presented a memorandum to council, requesting for approval of national development plan for 2021-2025 which is a plan that is succeeding the Economic Recovery and Growth Plan (ERGP), which will expire in December 2021.