Theory question 110
Economic Growth and DevelopmentSection B: answer three questions only from this section.
(a) Explain the term economic planning (b) Outline the problems of development plans in Nigeria.
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(a) Economic planning is a deliberate effort by government to allocate resources to chosen sectors and projects over a stated period in order to achieve set economic goals (growth, employment, etc.)
(b) Inadequate and unreliable statistical data
Shortage of funds and dependence on oil revenue
Shortage of skilled manpower
Political instability and frequent changes of government
Corruption and mismanagement
Over-ambitious targets
Poor implementation, monitoring and evaluation
Dependence on foreign aid and imported inputs
Lack of participation by the people and private sector
Inflation raising project costs
Define planning, then outline at least five problems.