This is pure propaganda. Read Speer's Inside the Third Reich- the higher Nazi officials were generally very inept at governing, and spent so much time fighting amongst themselves that it was quite rare for them to get anything done at all.

I've read that, and recently I also read the book The Wages Of Destruction by Adam Tooze, an economic analysis of the Nazi regime. He devotes a chapter to Speer's book and claims that Speer's story is in fact the propaganda. Tooze says the Reich was reasonably efficient and competent, if not exceptionally so among other nations, and that Speer deliberately painted it as inefficient to falsely present himself as the savior who made huge efficiency gains possible.

It might take many years of studying the primary sources (and of studying some economics and industrial and military management) for me to form a personal opinion on this... So please form your own.