``` 173. The First Five-Year Plan and Beyond: A Retrospect and Prospect BY THE HONOURABLE ABUBAKAR TAFAWA BALEWA, C.B.E., M.P. PRIME MINISTER OF THE FEDERATION OF NIGERIA (Address delivered at the opening of the First National Seminar on Economic Development, held at the University of Ibadan, 22nd-26th March, 1960) IT is with great pleasure that I welcome you to this First National Seminar on Economic Development. I am particularly glad that the University of Ibadan has been able to organise this Seminar which brings together so many distinguished persons from home and abroad. The Government attaches great importance to such gatherings, for it is only by pooling our knowledge and experience that we can hope to solve the complex problems of economic development which confront us in Nigeria.

Our country, as you know, has made great strides in recent years. We have had our First National Development Plan, which covered the period 1955-1960. It was a plan which was based on the assumption that Nigeria was ready for a rapid increase in its rate of economic growth and that the necessary resources, both financial and human, would be available to make this possible. The Plan aimed to achieve three broad objectives: namely, to increase the rate of capital formation; to expand and diversify the economy; and to improve the social services.

The First National Development Plan was ambitious, and in many respects, it was successful. We have made considerable progress in the development of our infrastructure, especially in the provision of roads, railways, airports, and telecommunications. We have also expanded our capacity to produce electric power and water supplies. In the field of industry, we have succeeded in attracting foreign investment and establishing new enterprises, which have contributed to the diversification of our economy. We have also made significant advances in the field of education and health services. ```