Dr. Sarah Alade, former acting Governor of the Central Bank of Nigeria, advised the Federal Government on Thursday to collaborate with non-state actors in order to attain economic development and ensure the success of its social investment programs.
She emphasized that non-state actors, including organizations like the Living Above Poverty Organisation (LAPO), would have pivotal roles in shaping Nigeria’s economic trajectory. Dr. Alade, who also served as Special Adviser to President Muhammadu Buhari on Finance and Economy, made these remarks during the 30th Annual Development Forum organized by LAPO in Abuja. The theme of the forum was “The role of non-state actors in national development: A case study of LAPO.”
Dr. Alade highlighted that the estimated cost of the National Development Plan (2021 – 2025) stands at N348 trillion, with the government contributing N49.7 trillion and the private sector providing approximately N298 trillion, which constitutes about 86 percent of the total required amount.
According to The PUNCH, the event saw the presence of Dr. Felix Oriakhi, a political scientist and lecturer in the Department of Political Science at the Federal University, Otuoke, as well as Dr. Godwin Ehigiamusoe, Founder/CEO of the LAPO Group. Senator Abubakar Atiku Bagudu, the Minister of Budget and National Planning, was represented by Dr. Sampson Ebimaro.
Dr. Ehigiamusoe commented, “With millions of beneficiaries and a full-time staff of 10,212, these institutions, alongside others within the LAPO system, have made significant contributions to national development. This presentation is expected to highlight the over N1.2 trillion that LAPO Microfinance Bank has contributed to female owners of micro and small businesses.”