Delta targets N6.877trn worth of gross domestic product in 2027

The Delta State Government is working on a fiscal framework, tagged “Medium Term Development Plan III (2024-2027)”, targeting to grow the Gross Domestic Product (GDP) of the State to N6.77 trillion in 2027.

Speaking during a one-day Consultaive Stakeholders Forum for the Development Plan III, held in Asaba, the Delta State Capital, Sonny Ekedeyan, Commissioner for Economic Planning, said that the 31 chapter draft plan captures the tenets of the MORE Agenda designed by Governor Sheriff Oborevwori’s Administration for socio-economic growth and development.

This document embodies the vision, strategies, policies and initiatives of the state government, together with customize frameworks for resource mobilization principles, policy/programmes implementation and performance monitoring and evaluation, he said.

He gave a brief overview of the plan, strategic development goals under the plan and the expected economic and social impact.

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On the social and economic impact he said, “The policies, programmes, schemes, projects and initiatives embodied in this plan are expected to collectively grow the economy of Delta State at annual average rate of 6.77 percent from the estimated 2023 Current Market Price – GDP of N5.292 trillion to N6.877 trillion in 2027.

“This growth performance will bring about significant improvements of living standards and reductions of poverty and vulnerability in the state, he said.

The importance of the Plan 111 can never be over-emphasized, especially given the current socio-economic realities such as inflation, poverty, unemployment, reduced wealth and revenue, insecurity, inadequate social services and infrastructure etc, Ekedeyan said.

Eric Eboh, a Professor of Agricultural Economics and Facilitator of the plan, in his presentation, pointed out that the State’s 2024 budget was N725 billion while the GDP is N4.8trn presently.

This means the government’s expenditure is still far very little percentage of the economy of the state, he said, stressing that the development of the economy is only about the government, hence, the need for the private sector and other stakeholders to contribute in the making of the development plan.

Eboh cited China as an example, attributing the secret of the country’s growth to it’s non-stop development plan. He expressed hope that Delta would grow progressively with the uninterrupted development if supported by the citizens.