NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGY (NEEDS)
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NATIONAL ECONOMIC EMPOWERMENT AND DEVELOPMENT STRATEGY (NEEDS)
Chapter one
1.1 Introduction
The National Planning Commission, under Charles Soludo’s leadership, produced the National Economic Employment and Development Strategy (NEEDS).
The Federal Executive Council of Nigeria approved it as a poverty alleviation policy. The project aimed to achieve the Millennium Development Goals of reducing poverty in Nigeria to a bare minimum by 2015.
The National Economic Improvement and Development Strategy informs the international community about Nigeria’s position in the region and around the world, as well as how it intends to be supported.
When considering the potential of the National Economic Employment and Development Strategy (NEEDS) to meet Nigerians’ aspirations, it is important to note that NEEDS specifically addresses the International Development Targets (IDTs), which were established in 1996 to improve economic well-being, social and human development, and environmental sustainability and regeneration.
In September 2000, 149 world leaders signed the United Nations Millennium Declaration, which outlined a number of Millennium Goals (MDGs). The declaration commits the UN member states to accomplishing the following goals by 2015.
– To reduce by half the number of individuals who live on less than one dollar per day and are hungry.
– Ensure universal primary education.
– Cut material mortality by three quarters and under-five child mortality by two-thirds. Stop and begin to reverse the spread of HIV/AIDS, malaria, and other serious diseases. Provide specific help to youngsters orphaned by HIV/AIDS.
– Enhance the lives of at least 100 million slum inhabitants by 2020. In addition, the government’s attempts to meet requirements (i.e., Nigerians’ requirements) and monetary policy will be reviewed.
The capital market is a market that lends and borrows long-term loanable funds.It is the source from which enterprises get cash for establishment and expansion, as well as the government borrows long-term funds for development purposes.
The stock exchange’s function is to provide facilities for the public to purchase and sell stock and shares of any kind, as well as to invest money, and to control the grant of quotations on the exchange in respect of shares and stock that meet the stock exchange market’s listing requirements.
Based on the preceding introduction, the research will focus on how NEEDS has contributed to the nation’s development, particularly the capital market, as well as the numerous challenges that NEEDS is intended to address in terms of industries and infrastructure development, among other things.
1.2 Problem Analysis
Prior to the restoration of democracy in 1999, Nigeria had a number of challenges, including economic decline, inadequate and insufficient infrastructure upkeep, poverty and inequality, a lack of security, and a weak and ineffective public sector, among others. The researcher saw that the following problem needed to be researched:
– One of the issues that tireintroduction of NEEDS in Nigeria is intended to solve is inadequacy and lack of employment creation. So, has it been able to address this issue?
– NEEDS is also anticipated to address the issue of relieving poverty among Nigerians. Both the federal and state governments have established numerous poverty alleviation programmes to decrease citizens’ poverty to a minimum.
– The implementation of NEEDS is also expected to promote efficient and effective capital market development. Is it also expected to solve the problem?
Finally, the National Economic Empowerment and Development Strategy (NEEDS) aims to achieve the Millennium Development Goals by 2015.
1.3 PURPOSE OF THE STUDY
The purpose of this research is to analyse and critically examine “The National Economic Empowerment of Capital Market.”
– The study will examine the notion of NEEDS and how it helps to capital market development.
– The study will also look at the concept of capital markets.
– The study will also look at the notion of capital markets and how they relate to the formation of (NEEDS). National and capital markets can allow superior economic performance, among other things.
1.4 RESEARCH QUESTIONS.
This component of the research question will be very useful in asking many questions about the ‘NEEDS’ and the capital market.
1. Is there a link between inefficient infrastructure and the performance of NEED?
2. What is the link between NEEDS and the efficient capital market?
3. Is there a link between poverty alleviation and NEEDS?
4. What is the significant relationship between NEEDS and the development of small and medium-sized industries?
1.5 Statement of Hypothesis
Ho1: There is no link between ineffective infrastructure and the performance of NEEDS.
HA1: There is a link between inefficient infrastructure and the performance of NEEDS.
Hypothesis 1: There is no relationship between NEEDS and an efficient capital market.
HA2: A relationship exists between NEEDS and an efficient capital market.
Ho3: There is no substantial correlation between poverty alleviation and NEEDS.
HA3: There is a strong association between poverty alleviation and NEEDS.
H04: No relationship exists between NEEDS and the development of small and medium-sized industries.
HA4: A relationship exists between NEEDS and the development of small and medium-sized industries.
1.6 SCOPE OF THE STUDY
This research is expected to focus on the National Economic Empowerment and Development Strategy NEEDS, as well as the development of capital markets. Various sub-topics, such as small and medium-scale industries and poverty reduction, will be discussed.
However, the primary data (questionnaire) for this study is confined to only 100 (100) employees from chosen banks, capital markets, and small-scale companies in Lagos State.]
1.7 Justification of Study
The adoption of NEEDS by the government aims to rebuild trust in the government as a facilitator of development, which the country desperately needs. The study of NEEDS is significant because it helps Nigerians adopt livelihood plans and attain personal goals.
The government must stop attempting to run enterprises and focus its efforts on delivering necessary services. It must sell off the firms it presently owns in order to free up labour and finances for fundamental service improvements.
NEEDS is critical because transforming the way the government functions is a massive undertaking; yet, NEEDS will build on processes that have already begun to make a difference.
NEEDs is also essential in terms of reducing, strengthening, and modernising the anti-corruption organisations it has formed. Exposing and punishing unethical and criminal behaviour. It is also expected to provide formal ethical training and promote leadership via example.
Furthermore, NEEDS is critical because it encourages all levels of government to establish an annual budget framework and criteria. The rules will encourage balanced budgets, the implementation of key initiatives, budget discipline, cost effectiveness, and the creation of internal revenue and savings.
A peer-review method will allow leaders of government agencies to compare their performance and foster a shared culture of excellence. The NEEDS period should be defined by the timely presentation of annual budgets.
The government also launched large anti-corruption initiatives and formed the Independent Commission on Corrupt Practices and Other Related Crimes, as well as the Economic and Financial Crimes Commission, all of which prohibit corrupt practices.
The government is dedicated to the Extractive Industries Transparency initiative, which encourages oil corporations to completely report revenue and operating costs.
Finally, the importance of NEEDS in growing the capital market and improving Nigerians’ lives justifies this type of study.
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