An economist, Prof. Jonathan Aremu, has said that Nigeria’s newly introduced five-year National Regional Development Policy could significantly boost economic growth and reduce regional inequalities if effectively implemented.
Aremu, a former National Coordinator of the African Continental Free Trade Area (AfCFTA), stated this in an interview in Lagos on Monday.
He explained that the policy has the potential to strengthen infrastructure development, attract investment and improve competitiveness across Nigeria’s geopolitical zones.
According to him, the proposed regional development commissions are expected to complement the National Development Plan by addressing existing infrastructure gaps and correcting developmental imbalances across the country.
He noted that effective implementation could enhance inter-regional economic activity and improve Nigeria’s standing within ECOWAS and the AfCFTA framework.
However, Aremu warned that several challenges could hinder the success of the policy, including overlapping responsibilities among tiers of government, insufficient funding, political interference, corruption and limited technical capacity.
He cautioned that without clearly defined roles and coordination mechanisms, the commissions risk duplicating existing government functions.
The economist stressed the need for strong collaboration between the commissions, state governments and local authorities to ensure that development projects reflect the specific needs of communities.
He also raised concerns about funding, noting that many public institutions already face irregular budgetary allocations, which could affect project execution.
Aremu emphasised that sustainable financing models, including access to development funds from regional and international partners, would be critical to the policy’s success.
He further warned against political interference in project selection and implementation, urging transparency, accountability and strict monitoring systems.
According to him, corruption, weak procurement processes and poor financial management could undermine public confidence in the initiative if not properly addressed.
He also cautioned that competition among regions must be managed carefully to avoid tension, stressing that rivalry should promote development rather than conflict over resource allocation.
Aremu drew lessons from Nigeria’s First Republic, noting that healthy regional competition at the time contributed to landmark achievements such as the Cocoa House project and free education programmes in the former Western Region.
He said that while such competition was beneficial, modern governance requires stronger institutional frameworks, accountability systems and continuity in project implementation.
The economist called for the development of zone-specific master plans, dedicated development funds and investment frameworks capable of attracting private sector participation.
He also urged wider stakeholder engagement involving traditional rulers, civil society organisations, youth and women groups, business associations and development partners.
Aremu stressed that regional initiatives must align with national development objectives, ECOWAS integration plans and opportunities under the AfCFTA agreement.
He recommended a results-based monitoring and evaluation system to track progress and ensure that projects address the developmental needs that informed the creation of the commissions.
On the role of subnational governments, he said development priorities should be initiated at the local and state levels before being harmonised within regional structures.
He explained that states within the same region often have differing development priorities and that such differences must be reflected in planning and implementation.
Aremu added that key infrastructure needs such as transportation, energy, water supply, healthcare, education and digital connectivity should remain central to the policy’s focus.
He expressed optimism that with proper planning, adequate funding, transparency and broad stakeholder participation, the policy could drive inclusive and sustainable development across the country.