The Federal Executive Council has endorsed a new plan called Nigeria Agenda 2050 which aims to make Nigeria a high income economy by the year 2050.
The Plan, which was approved by the National Economic Council (NEC), aims to improve Nigeria’s GDP per capita from about $2,084.05 in 2020 to $6,223.23 in 2030 and $33,328.02 in 2050.
The NEC assured that the plan would take the country through to upper middle-income country ($10,000 GDP per Capita) and subsequently to the status of high-Income countries.
Poverty reduction: The NEC added that the number of people in poverty will decline from the roughly 83 million in 2020 to about 47.8 million in 2025 and to 2.1 million by 2050, thus taking a significant segment of the population out of poverty.
The Nigeria Agenda 2050 projects annual average real GDP growth of 7.0%.
The Vice President, Yemi Osinbajo through his media aide Laolu Akande, added that the Agenda fixes challenges , which includes low, fragile, and non-inclusive economic growth, high population growth rate, pervasive insecurity, limited diversification, macroeconomic and social instability, low productivity and high import dependence, he added;
- “Nigeria Agenda 2050 is a perspective plan designed to transform the country into an Upper-Middle Income Country, with a significant improvement in per capita income.
- “The plan aims to fully engage all resources, reduce poverty, achieve social and economic stability.
- “It also targets developing a mechanism for achieving a sustainable environment consistent with global concerns about climate change.’’
The strategy: Meanwhile, the Federal Government said the roadmap provides broad frameworks for reducing unemployment whilst ensuring accelerated, sustained and broad-based growth. They said:
- “The plan presents the road map for accelerated, sustained and broad-based growth and provides broad frameworks for reducing unemployment, poverty, inequality, and human deprivation.
- “This long-term ambition is to improve the country’s per capita GDP from about US$2,084.05 in 2020 to US$6,223.23 in 2030 and US$33,328.02 in 2050, with rapid and sustained economic growth, job creation and poverty reduction.
- “Consequently, the number of full time jobs created will be roughly 165 million during the Agenda period to spur poverty reduction.”
