SECTION TWO: PRINCIPLES OF ECONOMIC DEVELOPMENT PLANNING

Generally, development planning inter alia entails setting development priorities, and sourcing and organizing the necessary resources to realize them. In recent years, however, efficiency-focused approaches tend to crowd out equity considerations as most countries now mainstream business modeling into economic development planning. A government must deliberately prioritize poverty reduction, otherwise, economic development may still sustain huge income gaps between the rich and poor. A clearly defined plan orientation, infrastructure development, human capital investment, R&D investment, business-friendly policies, international trade and investment, regional and sector-specific strategies, and sustainable and inclusive development are key components of an economic development plan. The beginning point in economic development planning is a situation analysis for a clear understanding of the economy and setting the start-off benchmarks. Thereafter, target industries, business retention and expansion strategies, infrastructure development plans, workforce development strategies, marketing and promotion campaigns, collaboration and partnerships, and implementation and monitoring methods have to be clearly defined.

Prof. Uwem Essia holds a Ph.D. degree in Economics from the University of Calabar, Nigeria. He taught Development Theory and Planning at the undergraduate and postgraduate levels for more than 2 decades and has written extensively on economic development and planning and other aspects of economics, management, and the social sciences.

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