Nigeria’s government has said it plans to increase the country’s per capita Gross Domestic Products (GDP) to US$6,000 and US$33,000 by 2030 and 2050 respectively.
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Minister of Budget and National Planning, Senator Abubakar Atiku Bagudu while speaking at the World Press Conference on the forthcoming 29th Nigerian Economic Summit (NES) scheduled to take place in Abuja, on October 29th said the plan would also bring poverty rate to 0.6 per cent and unemployment rate to 6.3 per cent, while transiting the economy to the highest per capita GDP in the group of upper-middle income economies.
“Overall, the main target of the Nigeria Agenda 2050 is to increase the country’s per capita GDP to US$6,000 and US$33,000 by 2030 and 2050 respectively. It will also bring poverty rate to 0.6 per cent and unemployment rate to 6.3 per cent, while transiting the economy to the highest per capita GDP in the group of upper-middle income economies.
“The plan will be effectively implemented by successive governments through six number 5-Year Medium-Term National Development Plans and Annual Budgets” he said
According to the Minister, the Renewed Hope Agenda and eight priority areas of the current administration are aimed at fast-tracking the goals of the Nigeria Agenda 2050 and the National Development Plan 2021-2025 with a double-digit growth rate and inclusive development.
To this effect ,the Ministry is in the process of conducting the mid-term review of the National Development Plan (NDP 2021-2025) with the purpose of fine-tuning the plan and ensuring that the Renewed Hope Agenda of the government is incorporated into the NDP 2021-2025.
He, however, welcomed innovative ideas from the stakeholders at the summit to ensure its effective integration into the NDP 2021-2025.
In his remarks, Chairman, Nigerian Economic Summit Group, Mr Olaniyi Yusuf observed that one of Nigeria’s pressing concerns is the need to translate economic growth into improved living standards for its citizens.
He said that despite experiencing growth over the past years, the country still grapples with rising unemployment, income disparity, and multidimensional poverty.
These challenges, according to him, are worsened by an uneven allocation of resources, macroeconomic instability, and institutional deficiencies.
“Data from the National Bureau of Statistics (NBS) in 2022 revealed that approximately 62.9 per cent of the population (i.e., 133 million people) live in multidimensional poverty, threatening the development of a vibrant middle class.
“Nigeria’s youthful population presents a tremendous opportunity for accelerating national development through entrepreneurship and innovation. With a large pool of creative and ambitious young minds, the country has the potential to foster a vibrant start-up ecosystem and drive economic growth. By leveraging technology and innovation, these creative minds can introduce disruptive solutions, create jobs, and contribute to the overall progress of the Nigerian economy” he said.
It is against this backdrop that NESG aims to focus on enhancing the role of entrepreneurship, skills and innovation, as well as sub-national and local governments, as drivers of economic growth and development.
“The ultimate objective is to foster the creation of a more inclusive, sustainable and equitable economy. The summit aims to foster collaboration among key stakeholders from diverse sectors and devise effective strategies to promote good governance at all levels of government” he explained.
